Wheat Falling on Tuesday AM Trade

Wheat is showing early Tuesday weakness with losses of 3 to 9 cents. The wheat complex joined in on the rest of the commodity losses on Monday.  Chicago SRW contracts were 11 to 18 cents in the red. Open interest was down 866 contracts. KC HRW futures closed with 10 to 16 1/4 cent losses on the day. Open interest was up 4,351 contracts on Monday. MPLS spring wheat slipped 1 ½ to 9 ¼ cents lower.

Weekly NASS Crop Progress data showed 81% of the US winter wheat crop harvested by Sunday, 2% ahead of normal. The spring wheat crop was 92% headed, 1% behind the 5-year average pace, with 2% of the crop harvested. Spring wheat conditions were steady at 53% gd/ex, with the Brugler500 index another 3 points lower to 342.

Monday morning’s Export Inspections report showed wheat shipments of 394,785 MT (14.51 mbu) in the week of 7/23. That was up 71.82% from the week prior and 36.01% above the same week last year. Bangladesh was the largest destination of 58,341 MT, with 56,444 MT shipped to Japan and 54,407 MT to Mexico. The marketing year total is now 2.543 MMT (93.4 mbu) of shipments, which is now 23.21% below the same period last year.

SovEcon estimates the Russian wheat export total at 44.6 MMT, a 1.9 MMT drop from the previous number.

Sep 26 CBOT Wheat  closed at $6.60, down 18 cents, currently down 8 cents

Dec 26 CBOT Wheat  closed at $6.77 1/2, down 18 cents, currently down 7 3/4 cents

Sep 26 KCBT Wheat  closed at $7.29, down 16 1/4 cents, currently down 4 cents

Dec 26 KCBT Wheat  closed at $7.45 1/2, down 16 cents, currently down 1 cents

Sep 26 MIAX Wheat  closed at $7.06 1/4, down 8 cents, currently down 8 1/2 cents

Dec 26 MIAX Wheat  closed at $7.29 1/2, down 9 1/4 cents, currently down 7 cents