The wheat complex posted a fresh round of buying on Tuesday, with double digit gains across all three exchanges. Chicago SRW futures were up 16 to 17 cents on the session.  Kansas City HRW contracts closed with 13 to 14 cent gains. Minneapolis spring wheat futures were 11 to 13 cents higher. Some in the trade were noting warmer temps in parts of Chinese wheat regions as a catalysts, as well as recent frosts in Russia, though there was likely some short covering as well.

Weekly Crop Progress data indicated all 6 states were reported ahead of the average spring wheat planting pace. Emergence in MT was listed as lagging the normal pace thanks to the later planting start. 

Winter wheat shown at 64% headed, 6 percentage points faster than average. Of the 18 states, ID, IL, MI, MT, NC, OK, and SD were all behind. Conditions were shown as slipping 2% to 52% gd/ex, with the Brugler500 index down 2 to 336. Ratings by state via the Brugler500 index were down 13 points in CO, and 14 points in TX for the HRW states, with MI slipping 3 and NC down 4. Improvement was noted in SD, up 22 points, with KS up 4, NE 7 points higher and OK up 6. 

European Commission data shows the EU has exported 18.45 MMT of wheat since July 1 through May 18. That lags the 27.89 MMT from the same period in 2023/24. Argentina is extending their export tax reduction from 12% to 9.5% on wheat until March 31, 2026. It was set to expire at the end of June. 

Jul 25 CBOT Wheat  closed at $5.46, up 17 cents,

Sep 25 CBOT Wheat  closed at $5.59 3/4, up 16 3/4 cents,

Jul 25 KCBT Wheat  closed at $5.36 1/4, up 13 1/2 cents,

Sep 25 KCBT Wheat  closed at $5.50, up 13 1/2 cents,

Jul 25 MGEX Wheat  closed at $5.97 3/4, up 12 1/4 cents,

Sep 25 MGEX Wheat  closed at $6.10 1/4, up 11 1/2 cents,