Wheat Markets Pressing the Downside at Midday

Wheat futures are down another double digits in the winter wheat markets so far through Tuesday. CBT SRW is trading ~25 cents off their session highs with midday losses of  14 to 19 cents. KC HRW futures are 12 3/4 to 17 1/4 cents in the red and are also ~25 cents below their earlier highs. MGE spring wheat is relatively firm with 3 to 6 cent losses so far. Sep HRS futures were up by 15 cents earlier in the Tuesday session. 

Ukraine and Croatia are in talks over the possibility of using Croatian ports to ship Ukrainian grain. 

USDA’s weekly update showed winter wheat harvest advanced 12% points to 80% complete. The average pace would be 83% finished by 7/30. As for spring wheat, USDA reported harvest began last week with enough nationally for 2% complete as of 7/30. The average pace would be 5% finished. Conditions fell by 8 points on the Brugler500 Index to 325, as NASS had 7ppts less scoring in the good/ex categories. 

The weekly Export Inspections data indicated 581,278 MT of wheat was shipped during the week that ended 7/27. That compared to 361k MT last week and 282k MT during the same week last year. The season’s total export now lags last year by 4.8% with 2.74 MMT shipped. 

Sep 23 CBOT Wheat  is at $6.47 3/4, down 18 cents,

Dec 23 CBOT Wheat  is at $6.73 3/4, down 18 cents,

Cash SRW Wheat  is at $5.82 7/8, down 17 3/4 cents,

Sep 23 KCBT Wheat  is at $7.95, down 17 3/4 cents,

Cash HRW Wheat  is at $7.37 1/4, down 17 5/8 cents,

Sep 23 MGEX Wheat  is at $8.50 1/2, down 5 1/4 cents,