Wheat Mixed Around to start Tuesday Following Monday Collapse

Wheat prices are mixed this morning, with KC the weak spot and the other two exchanges heading higher. Wheat futures were as much as 20 cents per bushel lower across the 3 US markets. French Milling Wheat Futures were down for the 6th consecutive session. Chicago July futures have closed lower for 9 consecutive sessions. CBT wheat was down 17 ¾ to 20 cents on Monday.  KC HRW settled 22 to 23 cents lower.  MPLS spring wheat futures were down 17 to 19 ¼ cents. 

For Wednesday’s USDA Crop Production report, the average trade estimate for All Wheat is 1.88 billion bushels in one survey and 1.884 billion in another.  Either would be up from 1.858 billion in the USDA May report. Trade ideas for wheat ending stocks are UNCH for old crop at 688 million and 778 million for new crop. 

NASS indicated winter wheat harvest is 12% completed. The bias was for a slight contra-seasonal improvement in the crop condition ratings vs. last week. That didn’t happen in the national numbers, although some of the by class ratings improved. NASS dropped the US good/ex portion to 47% from 49% the week before.   The Brugler500 index uses all 5 ratings levels and dropped 3 points to 330.  That matches 2021 at this date. Spring wheat planting is 98% completed per NASS, still ahead of the five year average of 96%. 

Jul 24 CBOT Wheat  closed at $6.07 1/2, down 20 cents, currently up 1 ¼ cents

Sep 24 CBOT Wheat  closed at $6.30 3/4, down 18 1/2 cents, currently up 1 ½ cents

Jul 24 KCBT Wheat  closed at $6.43 3/4, down 22 cents, currently down 3 3/4 cents

Sep 24 KCBT Wheat  closed at $6.56 1/2, down 22 1/2 cents, currently down 3 3/4 cents

Jul 24 MGEX Wheat  closed at $6.75 1/4, down 19 1/4 cents, currently up 2 cents 

Sep 24 MGEX Wheat  closed at $6.84 1/2, down 19 cents, currently up 2 cents