Wheat Hit Hard

After the Juneteenth holiday break, wheat futures are down by 3-6%. CBT SRW prices are 39 3/4 to 41 1/2 cents. KC wheat futures are trading 51 to 57 cents lower of their 60 cent limit. Spring wheat futures are trading through midday with losses of 35 1/2 to 48 1/4 cents. 

Export Inspections data from the weekly USDA report showed 331,328 MT of wheat was shipped during the week of 6/16. That was down from 412k MT last week and from 555k MT during the same week last year. HRS exports led the complex with 136,256 MT of the total. White made up 90k MT with another 18k MT of durum. The winter wheats made up the remaining 87k MT. USDA also added 23k MT to past reports taking the MYTD total to 969,953 MT. Last year’s pace was 1.25 MMT. 

Day 6 from the KS wheat harvest reports showed yields and quality were mostly above expectations. Fields in Meade county were mostly making 10-20 bpa with 40 bpa and 12+ proteins mentioned. McPherson county yields were mid 50s, with a report from Rice county calling 25-30 the average. 

US spring wheat plantings are thought to be about 97-98% complete as of Sunday. The long term average is 100% for that date.

Jul 22 CBOT Wheat  is at $9.98, down 36 1/4 cents,

Cash SRW Wheat  is at $9.40 1/2, down 36 1/4 cents,

Jul 22 KCBT Wheat  is at $10.55, down 50 cents,

Cash HRW Wheat  is at $10.08, down 49 5/8 cents,

Jul 22 MGEX Wheat  is at $11.25 1/2, down 44 cents,

Sep 22 MGEX Wheat  is at $11.25 1/4, down 44 3/4 cents,