“Prices were lower across the 3 classes today ranging from $.04 lower in MIAX to $.09 lower in Chicago. Sept-25 CGO slipped to a fresh 2 ½ month low, next support is the CL at $5.21 ¼. Sept-25 KC held a test of its CL at $5.15. A 5th consecutive day of new contract lows for Sept-25 MIAX wheat. Jordan passed on purchasing wheat from any of the 6 offers in their recent 120k mt tender. EU soft wheat exports for the 25/26 MY thru July 27th at 803.3k mt are down 64% from YA sales at 2.25 mmt. Winter wheat harvest advanced 7% to 80%, just below the 5-year average and YA pace of 81%. Spring wheat conditions fell 3% to 49% G/E, vs. expectations for little change. 92% of the crop is headed vs. 93% YA and the 5-year average of 95%. Overall ratings are just below the 5-year average. Harvest is just underway at 1%,” noted Mark Soderberg with ADM Investor Services.
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