Hard Red Wheat Sep '23 (KEU23)

The wheat market reversed the stronger overnight trade, with losses across the board on Monday. Contracts in Chicago were down 4 to 5 ½ cents. Kansas City futures were 6 to 9 ¼ cents lower at the close. MPLS spring wheat was down 5 to 6 cents to start out the month.  

Weekly Crop Progress data showed 83% of the US winter wheat crop headed, 5% above normal, with harvest now at 6% complete, faster than the 3% average. Condition ratings were up 1% to 49% gd/ex, taking the Brugler500 index back up 2 points to 333. Spring wheat was 94% planted, 4% above the average pace, with 78% of the crop emerging, 9% faster than normal. Conditions were 74% gd/ex, with the Brugler500 index at 377.

All wheat exports were tallied at 416,010 MT in the final full week of the 23/24 MY according to FGIS Export Inspections data. That was an improvement of 4.29% from the week prior and 36.7% above the same week last year. The Philippines were the top destination of 98,559 MT, with 83,448 MT to Mex... Read more