Wheat futures quotes edged up to $6

Wheat futures quotes edged up to $6.24 after reports of reduced Argentinian winter wheat acreage. Investors anticipate possible price momentum into Q4 contracts. Soybeans: Time for another shot. Okay, let the Kardashian discussion continue. The latest weekly nonsense from NASS gave us a soybean index of 182 points (slide 4). If we want to continue to pretend reality doesn’t matter, then we can say this is the highest index figure for this point of the summer since 2020’s 188 points. We could also say this is a contra-seasonal move as the soybean index tends to show the Browning Effect [iii] from Week 1 through Week 16. I dug back through the pile of poo that is NASS’ numbers and could not find a year when the index increased like it has this summer. What does this mean for the 2025 US crop? Absolutely nothin’ (Say it again…). What we do know, though, is 2025-2026 futures spreads have continued to cover more calculated full commercial carry this spring and summer (slide 5). The spotlight has been on the North American November-January and South American March-May spreads. Both covered their highest levels of calculated full commercial carry at last Friday’s close. What else needs to be said about market fundamentals? Pre-dawn Tuesday finds the November futures contract (ZSX25) down 3.25 cents after slipping as much as 4.5 cents overnight on light trade volume of roughly 13,000 contracts. Explore Hard Red Spring (HRS) Wheat futures and options for one-stop trading in North American wheat markets. Wheat futures quotes stabilized at $6.18 by midday, supported by moderate buy-side interest from commercial processors. Volatility levels remain within historical norms, indicating a settled short-term outlook.