Red Wheat Market on Tuesday Follow Through

The wheat market is extending the drop on Tuesday with double digit losses through midday. CBT SRW quotes are 2.4% to 2.8% lower on 15 to 17 1/2 cent losses. KC HRW wheat futures are down 12 1/4 to 14 1/4 cents with losses of as much as 1.9%. MGE spring wheat is trading 7 to 14 1/4 cents weaker so far through the day. 

NASS marked winter wheat harvest at 92% complete, matching the average. Spring wheat harvest progressed 13% points to 24% complete as of 8/13. NASS has that trailing the 5-yr average pace by 4% points. The remaining spring wheat conditions scored a 321 on the Brugelr500 Index, a 3 point increase wk/wk. 

Russia’s IKAR estimates wheat output at 89.5 MMT, from 88 MMT previously – citing increased yield. 

The weekly Export Inspections report had 183,289 MT of wheat shipments for the week that ended 8/10. That was down from 293k MT last week and from 390k during the same week last year. The season’s pace reached 3.217 MMT and trails last season by 683k MT or 17.5%. 

Sep 23 CBOT Wheat  is at $5.97 1/2, down 18 1/2 cents,

Dec 23 CBOT Wheat  is at $6.23 1/2, down 18 cents,

Cash SRW Wheat  is at $5.30 7/8, down 18 1/2 cents,

Sep 23 KCBT Wheat  is at $7.38 1/2, down 12 cents,

Cash HRW Wheat  is at $6.76 1/8, down 12 cents,

Sep 23 MGEX Wheat  is at $7.92 3/4, down 12 3/4 cents,