Chicago wheat saw a back and forth day that ultimately closed 7 1/4 to 8 1/2 cents in the black. The July contract printed a 23 3/4 cent range from -11 3/4c to +12c. The KC wheat market stayed weaker with front month losses of 1 3/4 to 6 cents. Spring wheat futures closed 3 3/4 to 4 1/2 cents lower on the day.Â
USDA reported winter wheat harvest advanced 7 ppts to 15% complete as of 6/18. The 5-yr average pace is 20%. In Kansas, 8% was cut by 6/18 compared to the 16% average pace. Conditions again improved nationally, led by WA, NE, KS, and IL, to a 304 on the Brugler500 Index. South Dakota ratings dropped by 26 points through the week and AR was down by 19. The spring wheat crop was 10% headed as of 6/18, matching the 5-yr average pace. Spring wheat conditions worsened by 16 points through the week to a 340 on the Brugler500 Index. South Dakota ratings fell 29 points to 296 on heat and dryness.Â
The delayed Export Inspections report showed 237,820 MT of US wheat was shipped during the week that ended 6/15. That was down 10k MT from last week and by 100k MT from the same week last year. The season’s total wheat shipments reached 556k MT compared to 987k last year.Â
After instituting an export ban to stabilize prices in 2022, India has sufficient stocks and will allow wheat and rice exports to limited destinations. Upon request for the grain, India will allow exports for 23/24’s crop to Indonesia, Senegal and Gambia. India also approved Nepal’s request, effective immediately.Â
Algeria was rumored by European traders to have purchased 683k MT of wheat via OAIC tender on Monday, believed to be primarily Russian sourced. Shipment is expected in August if European origin, and a month earlier if North or South American. Â
Jul 23 CBOT Wheat  closed at $6.95 3/4, up 7 3/4 cents,
Sep 23 CBOT Wheat  closed at $7.08 3/4, up 7 1/4 cents,
Cash SRW Wheat  was $6.49 1/2, up 7 5/8 cents,
Jul 23 KCBT Wheat  closed at $8.36, down 6 cents,
Cash HRW Wheat  was $7.93 3/8, down 6 cents,
Jul 23 MGEX Wheat  closed at $8.49, down 4 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.
