Wheat Pressure Piling On

The wheat complex is falling back towards their early spring lows, as contracts are trading with double digit losses across all three exchange on Monday. Kansas City contracts are leading the bear charge, with contracts down 20 to 23 cents. Chicago is right behind with losses of 19 to 21 cents to start the week. MPLS spring wheat is 17 to 19 cents lower across most front months. 

Pressure isn’t just being felt in the US, with French Milling Wheat futures falling 2.4% on Monday. Crop fears in Russia are easing as rains fell across parts of the country.

The Monday morning Export Inspections report from the FGIS sector of USDA showed 374,637 MT of wheat shipped during the week that ended on June 13. That was a 6.3% improvement over the previous week, and 59.03% larger compared to the same week in 2023. The largest destination was South Korea, with 69,204 MT headed that direction, as 57,930 MT was on its way to Malaysia. Exports in the first couple weeks of the new marketing year have totaled 671,453 MT, a 21.2% increase over the same week in the MY prior.

Jul 24 CBOT Wheat  is at $5.92 1/4, down 20 1/2 cents,

Sep 24 CBOT Wheat  is at $6.08 3/4, down 19 3/4 cents,

Jul 24 KCBT Wheat  is at $6.04 3/4, down 22 3/4 cents,

Sep 24 KCBT Wheat  is at $6.14 1/4, down 22 cents,

Jul 24 MGEX Wheat  is at $6.37 1/4, down 18 1/4 cents,

Sep 24 MGEX Wheat  is at $6.46 1/2, down 19 1/2 cents,