The wheat complex posted losses across the three exchanges on Monday. Chicago SRW contracts were 8 to 10 1/4 cents lower at the close. KC HRW futures fell 3 ¾ to 5 ¼ cents, with July down 11 cents. MPLS spring wheat was down 4 ½ to 6 3/4 cents, with July down 29 ¾ cents.
NASS Crop Progress data showed 48% of the US winter wheat crop harvested by Sunday, 9% ahead of normal. Conditions were steady at 26% gd/ex, with the Brugler500 index 2 points lower to 262. The spring wheat crop was 32% headed, 2% back of the 5-year average pace. Spring wheat conditions were 59% gd/ex, up 5%, with the Brugler500 4 points higher to 355.
The weekly Export Inspections report showed wheat shipments of just 358,253 MT (13.16 mbu) in the week of 6/25. That was down 9.56% from the week prior and 24,83% below the same week last year. South Korea was the largest destination of 79,069 MT, with 78,042 MT shipped to Mexico and 66,000 MT to the Philippines. Shipments for the marketing year are now at 1.333 MMT (48.98 mbu) of wheat, which is 0.86% above the same period last year.
All wheat acres are expected to be reported at 43.8 million acres in the annual June Acreage report on Tuesday. Spring wheat acres are seen at 9.5 million acres, with durum at 2 million acres in a Bloomberg survey of traders. Quarterly Grain Stocks data will be released on Tuesday with traders looking for 931 million bushels of wheat on hand as of June 1.
A South Korean mill importer has tendered for 100,000 MT of wheat from the US and Australia, with 50,000 MT US specific and a deadline of Tuesday for offers. Argus estimates the Russian wheat crop at 91.2 MMT, an increase of 2.5 MMT from the previous estimate in April.
Jul 26 CBOT Wheat closed at $5.69 1/2, down 8 3/4 cents,
Sep 26 CBOT Wheat closed at $5.79 3/4, down 10 cents,
Jul 26 KCBT Wheat closed at $6.00, down 11 cents,
Sep 26 KCBT Wheat closed at $6.14 3/4, down 4 3/4 cents,
Jul 26 MIAX Wheat closed at $5.46 3/4, down 29 3/4 cents,
Sep 26 MIAX Wheat closed at $6.01 3/4, down 4 1/2 cents,
On the date of publication, Austin Schroeder 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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