Spring Wheat Jul '13 (MWN13)
Spring Wheat Futures Market News and Commentary
The wheat complex was mixed on Monday, with the winter wheat firmer. Chicago SRW futures saw strength of 1 to 3 ¼ cents across most contracts on Monday. KC HRW futures were up 2 ¼ to 9 cents at the close. MPLS spring wheat was steady to 3 ½ cents in the red at the close.
NASS Crop Progress data showed 92% of the US winter wheat crop headed by Sunday, 7% ahead of normal. Harvest was pegged at 11%, faster than the 6% average pace. Conditions were down 1% to 25% gd/ex, with the Brugler500 index down 6 to 263. The spring wheat crop was 98% planted, 3% ahead of normal, with emergence at 87% and 7% faster than average. Spring wheat conditions were 52% gd/ex, up 5%, with the Brugler500 rising 7 points to 350.
Export Inspections data showed 319,730 MT (11.75 mbu) of wheat shipped in the week that ended on June 4, with 216,195 MT in the new crop marketing year. The weekly total was down 20.65% from last week and 1.38% below the same week last year. Mexico was the top destination... Read more
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