
Wheat futures are trading with 4 to 7 cent losses across the three exchanges on your Tuesday morning. The wheat market reversed the stronger overnight trade, with losses across the board on Monday. Contracts in Chicago were down 4 to 5 ½ cents. Kansas City futures were 6 to 9 ¼ cents lower at the close. MPLS spring wheat was down 5 to 6 cents to start out the month.
Weekly Crop Progress data showed 83% of the US winter wheat crop headed, 5% above normal, with harvest now at 6% complete, faster than the 3% average. Condition ratings were up 1% to 49% gd/ex, taking the Brugler500 index back up 2 points to 333. Spring wheat was 94% planted, 4% above the average pace, with 78% of the crop emerging, 9% faster than normal. Conditions were 74% gd/ex, with the Brugler500 index at 377.
All wheat exports were tallied at 416,010 MT in the final full week of the 23/24 MY according to FGIS Export Inspections data. That was an improvement of 4.29% from the week prior and 36.7% above the same week last year. The Philippines were the top destination of 98,559 MT, with 83,448 MT to Mexico. Nearly full year data shows 18.709 MMT of shipments, a 5.52% drop from the year prior.
ABARES raised their Australian 2024/25 wheat crop estimate by 0.7 MMT to 29.1 MMT, near the USDA 29 MMT projection. Egypt’s GASC is tendering for wheat, with the tender closing and results expected later today.
Jul 24 CBOT Wheat closed at $6.72 3/4, down 5 3/4 cents, currently down 5 cents
Sep 24 CBOT Wheat closed at $6.94, down 5 1/2 cents, currently down 5 cents
Jul 24 KCBT Wheat closed at $7.00, down 8 3/4 cents, currently down 6 3/4 cents
Sep 24 KCBT Wheat closed at $7.13 3/4, down 9 1/2 cents, currently down 6 3/4 cents
Jul 24 MGEX Wheat closed at $7.33 3/4, down 6 cents, currently down 4 1/4 cents
Sep 24 MGEX Wheat closed at $7.44, down 5 3/4 cents, currently 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.