Wheat Posts Double Digit Monday Gains

The wheat complex posted Monday gains, despite a weaker export data. Spillover support from the corn and beans was supportive. Chicago SRW contracts were 11 3/4 to 15 1/2 cents higher on Monday. KC HRW futures were up 7 ½ to 12 ¾ cents at the close. MPLS spring wheat was 8 ½ to 11 ¼ cents higher on the day.

NASS Crop Progress data showed 59% of the US winter wheat crop harvested by Sunday, 8% ahead of normal. Conditions were steady at 26% gd/ex, with the Brugler500 index up 1 point to 262. That was the final rating for the crop.  The spring wheat crop was 54% headed, in line with the 5-year average pace. Spring wheat conditions were 57% gd/ex, down 2%, with the Brugler500 index 1 point lower to 354.

The weekly Export Inspections report showed wheat shipments of just 133,652 MT (4.91 mbu) in the week of 7/2. That was a 66.38% drop from the week prior and 74.44% below the same week last year. Mexico was the largest destination of 60,524 MT, with 35,224 MT shipped to Ecuador and 29,088 MT to Colombia. Shipments for the marketing year are now at 1.51 MMT (55.3 mbu) of wheat, which is 19.36% below the same period last year.

The delayed Commitment of Traders report from CFTC showed managed money trimming 2,176 contracts from their net short to 69,030 contracts in CBT wheat as of last Tuesday. In KC wheat, spec traders were flipping back to net long of 6,910 contracts, a move of 8,195 contracts on the week.

Saudi Arabia purchased a total of 661,000 MT of wheat in their tender from Monday. The French wheat crop was tallied at 68% gd/ex which was a drop of 6% from the previous week, according to FranceAgriMer

Jul 26 CBOT Wheat  closed at $6.06, up 15 1/2 cents,

Sep 26 CBOT Wheat  closed at $6.14, up 14 1/4 cents,

Jul 26 KCBT Wheat  closed at $6.38 1/2, up 11 1/2 cents,

Sep 26 KCBT Wheat  closed at $6.49 3/4, up 11 1/4 cents,

Jul 26 MIAX Wheat  closed at $5.92 1/2, up 1 1/2 cents,

Sep 26 MIAX Wheat  closed at $6.30 1/2, up 10 3/4 cents,