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 Mexico. Nearly full year data shows 18.709 MMT of shipments, a 5.52% drop from the year prior.
ABARES raised their Australian wheat crop estimate by 0.7 MMT to 29.1 MMT, near the USDA 29 MMT projection.
Jul 24 CBOT Wheat closed at $6.72 3/4, down 5 3/4 cents,
Sep 24 CBOT Wheat closed at $6.94, down 5 1/2 cents,
Jul 24 KCBT Wheat closed at $7.00, down 8 3/4 cents,
Sep 24 KCBT Wheat closed at $7.13 3/4, down 9 1/2 cents,
Jul 24 MGEX Wheat closed at $7.33 3/4, down 6 cents,
Sep 24 MGEX Wheat closed at $7.44, down 5 3/4 cents,
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