Wheat prices are down another double digits so far in early Wednesday morning. Wheat futures dropped sharply out of the Memorial Day weekend, with July SRW sub-$6 at the close for the first time since April 2021. The other front month SRW prices were 3% to 3.8% lower at the close. CME data confirmed net new selling for SRW yesterday. KC wheat firmed a nickel for the close, but were still down 22 3/4 to 35 1/2 cents on the day. July HRW dropped 4.3% to the first sub-$8 close since May 4th. Spring wheat futures were down 2.8% to 3% on the day, with July and Sep back below the $8 mark.
USDA’s weekly Crop Progress report showed spring wheat planting reached 85% complete as of 5/28. That was up from 64% last week and is now only 1ppt behind the average pace. North Dakota planting advanced 31% points to now just 2 ppts behind average. Emergence was 57% nationally. As for winter wheat, NASS reported 72% of the national crop was headed including 98% for OK, 95% for TX, and 84% for KS. Winter wheat conditions improved 10 points on the Brugler500 index to 288. Oklahoma was up the most with an attention grabbing 60 point better than last week score of 292. Conditions worsened in next door KS to 203.
The weekly Export Inspections report had 382,031 MT of wheat shipments for the week that ended 5/25. The season’s total shipment reached 19.558 MMT with 6 days left to report in the marketing year.
Media reports indicate another 60k MT of EU sourced milling wheat was bought for import into the U.S. in July.
Spring planting in the Ukraine has reached 5.3m HA as of 5/26, a 10% lower area than this time last year, including 261.9k HA of spring wheat.
Jul 23 CBOT Wheat closed at $5.91, down 25 cents, currently down 17 cents
Sep 23 CBOT Wheat closed at $6.05 1/2, down 24 cents, currently down 16 3/4 cents
Cash SRW Wheat was $5.30 1/2, down 24 1/2 cents,
Jul 23 KCBT Wheat closed at $7.83 3/4, down 35 1/2 cents, currently down 16 1/4 cents
Cash HRW Wheat was $7.59 5/8, down 32 5/8 cents,
Jul 23 MGEX Wheat closed at $7.93, down 25 cents, currently down 12 1/2 cents
On the date of publication, Alan Brugler did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here.
/Alphabet%20Inc_%20and%20Google%20logos%20by%20IgorGolovinov%20via%20Shutterstock.jpg)
/Unitedhealth%20Group%20Inc%20HQ%20photo-by%20jetcityimage%20via%20iStock.jpg)