Double Digit Drops for Tuesday Wheat

CBT SRW futures ended the day with 4% to 4.6% losses of as much as 39 cents. KC wheat futures ended the day with 48 1/4 to 51 1/2 cent losses. Spring wheat futures were down by 6% weaker in September to below the $9/bu mark. 

NASS data had the winter wheat harvest at 54% complete as of 7/3. That was up from 41% last week and compares to 48% on average. Harvest was 94% done in TX, 98% done in OK, and 83% finished in KS. Winter wheat condition ratings converted to a 270 on the Brugler500 Index. That was up 2 points wk/wk with MT and CO improving 20+ points. NE was down 29 points through the week to a 246 on the Index. 

For spring wheat, the Crop Progress report showed the crop was 20% headed, trailing the 5-yr average of 57%. Condition ratings were up 9 points on the Brugler500 Index to 363. Idaho worsened by 11 wk/wk made up for by improvements elsewhere.

Data from StatsCan showed total wheat planted area was 25.395m acres. That was up 8.7% yr/yr and is above the 2020 area. Spring wheat specifically was up 10.5% yr/yr to 18.212m acres, with 6m for durum specifically. 

USDA’s weekly Export Inspections report showed 111,830 MT of wheat was exported during the week that ended 6/30. That was down from 353k MT last week and 368k MT during the same week last year. Mexico was the top destination for the week with 61% of the total. The weekly data had 57k MT of the week’s total export as HRW, with 35k MT of SRW. Accumulated wheat exports through 6/30 reached 1.45 MMT compared to 1.908 MMT at the same point last year. 

Jul 22 CBOT Wheat  closed at $7.93 3/4, down 37 1/2 cents,

Cash SRW Wheat  was $7.42 5/8, down 38 1/4 cents,

Sep 22 KCBT Wheat  closed at $8.07, down 39 cents,

Jul 22 KCBT Wheat  closed at $8.60 1/4, down 50 3/4 cents,

Cash HRW Wheat  was $8.10 3/8, down 50 3/8 cents,

Sep 22 MGEX Wheat  closed at $8.62, down 51 1/2 cents,

Jul 22 MGEX Wheat  closed at $9.03 3/4, down 37 1/4 cents,

Sep 22 MGEX Wheat  closed at $8.90, down 58 cents,