The wheat complex is trading the Monday session with losses, as bears continue to take control. Chicago contracts are leading the way, with losses of 6 to 10 cents so far, as they approach the early spring lows. Kansas City futures are trading 3 to 4 cents lower across the front months, trying to ease some of the weakness. MPLS spring wheat contracts are own 4 to 7 cents to extend the life of contract lows.
USDA’s Export Inspections report showed a total of 342,692 MT (12.6 mbu) of wheat shipped during the week that ended on June 20. That was a 16.43% decline from the previous week, but still 67% above the same week last year. Of that total 96,209 MT was headed to Mexico, with 79,123 on its way to Japan and 65,000 MT to Brazil. In the first 3 weeks of the new marketing year, export shipments have tallied 1.05 MMT, 38.3% above the same few weeks last year.
Argus reduced their projection for the Russian wheat crop from their previous release to 79.5 MMT, which is among the lowest of the private estimates that have been released. India began imposing limits on wheat stocks among retailers and processors to keep prices in check and prevent hoarding. They have contemplated removing or reducing the 40% import tax on wheat, but have taken no action so far.
Jul 24 CBOT Wheat is at $5.51 1/2, down 10 cents,
Sep 24 CBOT Wheat is at $5.69 3/4, down 6 cents,
Jul 24 KCBT Wheat is at $5.77 1/2, down 3 3/4 cents,
Sep 24 KCBT Wheat is at $5.83 3/4, down 3 1/4 cents,
Jul 24 MGEX Wheat is at $6.04 3/4, down 6 3/4 cents,
Sep 24 MGEX Wheat is at $6.12 3/4, 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.
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