Wheat Finished Monday in the Red

The wheat futures went home 3 to 9 cents lower across the domestic classes on Monday. Chicago futures settled with 7 3/4 to 8 1/2 cent losses. KC HRW was the firmest on the day as prices were down 2 1/2 to 3 1/2 cents. MGE wheat finished the Monday session with 7 3/4 to 9 cent losses past July’s 13 1/4 cent gain. The market will be closed tomorrow in recognition of Independence Day and will resume with a hard open on Wednesday morning. 

The weekly NASS Crop Progress report had winter wheat harvest 37% complete as of 7/2. That was a 13% point advancement through the week, but trails the average 46% pace. Texas’ harvest reached 86% completion, and KS was 46% finished. NASS rated the crop 40% good/ex, for a Brugler500 score of 305. That was down from 308 last week. At the state level, CO dropped the most, followed by OR and WA. IL wheat improved 25 points to 407 on the index. 

NASS reported spring wheat at 51% headed, compared to 31% last week and 46% during the same week last year. Conditions, worsened by 2 points to 335 on the Brugler500 Index – namely via ND. 

USDA’s weekly Inspections data showed 336,349 MT of wheat was shipped for the week that ended 6/29. That was up from 204k MT last week and was above the same week last year. USDA reported the season’s total at 1.09 MMT compared to 1.6 MMT at this time last year. 

The European Commission trimmed their wheat output forecast by 2.6 MMT to 128.9 MMT. The Russian wheat export tax is now 2,610 Rubles/MT, up from 2,473 last week. 

Jul 23 CBOT Wheat  closed at $6.28 1/2, down 7 3/4 cents,

Sep 23 CBOT Wheat  closed at $6.41 3/4, down 9 1/4 cents,

Cash SRW Wheat  was $5.83 3/4, down 9 cents,

Sep 23 KCBT Wheat  closed at $7.96 1/2, down 3 1/2 cents,

Cash HRW Wheat  was $7.51, down 1 cents,

Sep 23 MGEX Wheat  closed at $8.09 1/4, down 7 3/4 cents,