Wheat Comes Off Lows, Still Close Weaker

Wheat futures ended the Monday session with losses despite coming ~20-25 cents off the lows in several active contracts. MPLS spring wheat futures led the say lower, down 8 to 9 ½ cents. KC was next in line, down 6 ½ to 9 cents, CBT futures were down 3 to 5 ¼ cents on the day session. 

Crop Progress data showed the winter wheat crop rounding out the end of harvest, with 90% complete, 4% below normal. Spring wheat was tallied at 16% harvested, up just 7% on the week and 19% below the 5-year average pace. Condition ratings of the spring crop were unch at 64% gd/ex, with the Brugler500 index steady at 364. 

Monday morning’s Export Inspections report from FGIS showed wheat shipments of 373,227 MT for the week that ended on August 11. That was nearly half of what was reported for the week prior and down 37.13% vs. the same week last year. So far in the short MY, shipments have tallied 3.88 MMT, a 22.95% reduction over the same time in 21/22.

Iraq issued a tended to buy 50,000 MT of US wheat, with a close date of August 17. Saudi Arabia purchased 180,000 MT of wheat. 

Sep 22 CBOT Wheat  closed at $8.00 3/4, down 5 1/4 cents,

Dec 22 CBOT Wheat  closed at $8.17 3/4, down 4 3/4 cents,

Cash SRW Wheat  was $7.47 3/4, down 5 cents,

Sep 22 KCBT Wheat  closed at $8.82 3/4, down 6 1/2 cents,

Cash HRW Wheat  was $8.37 3/4, down 6 3/4 cents,

Sep 22 MGEX Wheat  closed at $9.10 3/4, down 8 3/4 cents,