Wheat Turns Around for Tuesday

Wheat futures follow their Monday bounce with losses into Tuesday trading. Front month wheat prices traded higher out of the weekend. At the close, CBT SRW futures were 33 1/4 to 36 cents higher. KC wheats gained 36 cents on the day. Spring wheat futures closed up by 28 1/2 to 32 1/4 cents. 

Crop Progress data had winter wheat harvest as 70% complete. That was up 7% points from last week and 1% point under the average pace. NASS showed the spring wheat crop was 68% headed as of 7/17. That was up from 44% last week but trails the 90% average. Conditions were 71% good/ex and just 6% poor/VP for a Brugler500 score of 374. That was up 3 points compared to last week. 

Weekly Export Inspections data showed the season’s wheat export reached 2.108 MMT as of 7/14. That came via a 185,989 MT shipment last week, but trails the 2.871 MMT pace last year. 

China’s June wheat imports were 520k MT according to customs data. That was down 31.3% from June ’21. Through the first 6 months of 2022, China had brought in 4.94 MMT of wheat, trailing last year’s pace by 7.8%. 

Data from Kyiv School of Economics shows food imports from Crimea increased 50 fold during the Russian invasion of Ukraine. Kyiv intends to use that as evidence backing their grain theft accusations. 

Sep 22 CBOT Wheat  closed at $8.12 3/4, up 36 cents, currently down 7 cents

Dec 22 CBOT Wheat  closed at $8.29 1/2, up 35 1/2 cents, currently down 7 cents

Cash SRW Wheat  was $7.52 3/8, up 35 7/8 cents,

Sep 22 KCBT Wheat  closed at $8.74, up 36 1/2 cents, currently down 6 3/4 cents

Cash HRW Wheat  was $8.23 5/8, up 35 5/8 cents,

Sep 22 MGEX Wheat  closed at $9.39, up 32 1/4 cents, currently down 9 1/4 cents