Double Digit Drop for Wheat

Wheat futures closed the first trade day of the week with double digit losses led by spring wheat. MPLS HRS futures were 2.1% to 2.7% weaker on the day with losses of as much as 29 1/4 cents in the front months. Chicago wheat prices gave back 1.8% to 2.1% with 18 to 19 3/4 cent losses. July stayed 1/2 cent above the $9/bu mark at the day’s low. Front month KC wheat closed down by 18 to 19 3/4 cents. 

NASS Crop Progress data released after the close had spring wheat emergence at 98% as of 6/26. Only 8% of the crop was headed, compared to 34% on average. Spring wheat conditions improved in Washington, but were down by 5 points nationally to a 354 on the Brugler500 Index. 

For winter wheat, NASS showed conditions fell by 1 point on the Brugler500 Index to 268. Oregon winter wheat stayed above the 400 mark. KS conditions converted to a Brugler500 score of 277, compared to 358 during the same week last year. NASS reported the national harvest as 41% complete. That was up from 25% last week, notably in IL and IN. The average pace would be 35% harvested by week 26. 

Day 10 of the KS wheat harvest reports covered fields in central KS’s Barton and Marion Counties. In Barton, yield reports averaged low 50s with a 40-65 bpa range on 11 – 14% protein. Reporting from Marion suggested that most fields were in the 50s up to 62 bpa. Some fields had Wheat Streak Mosaic Virus hurting yields to the low 20s. 

Weekly wheat exports were reported as 352,404 MT for the week that ended 6/23. That was up 4k MT wk/wk and 61k MT yr/yr. The accumulated wheat export program reached 1.34 MMT through 6/23 data, compared to 1.54 MMT at the same point last year. 

Wheat harvest in France was marked at 2% complete, starting just a bit sooner than last year. AgriMer reported conditions as 64% good/ex as of 6/20. That is down 1% from the week prior. Russian wheat exports were marked at 36 MMT according to Interfax. That trails last year by 5.5%. SovEcon reduced their Ukrainian wheat forecast by 1.4 MMT to 20.7. If realized that would be down 11.5 MMT yr/yr. 

Egypt’s GASC issued an international wheat tender, with results expected on Tuesday. Reports on the wire suggest Egypt booked 180k MT of wheat from India over the weekend. 

Jul 22 CBOT Wheat  closed at $9.04, down 19 3/4 cents,

Cash SRW Wheat  was $8.47 1/4, down 18 3/8 cents,

Jul 22 KCBT Wheat  closed at $9.72 3/4, down 19 3/4 cents,

Cash HRW Wheat  was $9.25 1/1, down 19 5/8 cents,

Jul 22 MGEX Wheat  closed at $10.41 1/2, down 29 1/4 cents,

Sep 22 MGEX Wheat  closed at $10.44 1/2, down 26 cents,