Wheat Harvest Update

CBOT Wheat contracts rebounded slightly into positive territory today after yesterday's decline as the market weighed-in more heavily on a strike at Canada's largest grain elevator operator than it did on positive supply data points from the Midwest and reported price declines in Russia.

Kansas: 79% of the winter wheat crop has been harvested vs. 36% last week. 98% of state crop now ripe for harvest. Normally 89% is in the bin by this time but a cool spring slowed maturity. Kansas Agricultural Statistics Service 7/7.

Texas: 93% of the crop is in the bin. National Agricultural Statistics Service (NGSS) 7/7

Oklahoma: 98% in the bin. NGSS 7/7

Nebraska: harvest has started with 6% cut so far. Statewide yield is expected to come in above average with Western counties seeing 70 bushels per acre and an estimated state average of 50 (almost 2MM acres were planted this spring). Nebraska Wheat Board 7/7

Russia: The average price of wheat was 8,200 rubles per ton at the July trading session with a range of 8,090 to 8,300 on the Moscow Stock Exchange, a decrease of 7.7% from the June trading session. The Russian Agriculture Ministry forecasts that this year's grain harvest will amount to 85 million tons, which is not enough to guarantee the country's absolute food security TASS 7/8

Canada: In Regina, 200 workers went on strike at the head office of Viterra, Canada's largest grain handler. More than 600 employees at grain elevators and other facilities across Saskatchewan took limited job action by refusing to work overtime or train replacement workers. Calgary Herald 7/8

Andrew Barber
Director