“Prices turned lower, unable to hold early strength. CGO July-26 was down $.03 ½ at $6.75 1/2., KC July-26 was $.06 ½ lower at $7.24 ¾, while MIAX July-26 is down $.04 ¼ at $7.19 ¾. The rally in KC July-26 for now has been capped at $7.50. Only scattered rains for the SW plains over the next week. Above normal temperatures in the WCB will shift across the rest of the Midwest by the end of the week. Triple digit highs are possible in the SW plains this weekend. Day 1 of the winter wheat tour estimated average yields across N. Kansas at 38.3 bpa, vs. 50.5 bpa YA. Yields in E. Kansas will undoubtedly show better promise than in the west. The USDA pegged the average yield in Kansas this year at 37 bpa, down from 51 bpa last year. The USDA est. 83% of the WW acres in Kansas will be harvested for grain vs. the historical average of 92%, but still above the 71% from 2023. The USDA all wheat production forecast at 1.048 bil. was the lowest since 1965 while the HRW est. at 515 mil. bu. is the lowest since 1957,” stated Mark Soderberg with ADM Investor Services.
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