Wheat futures are as much as 20 cents per bushel lower across the 3 US markets. French Milling Wheat Futures kicked off the bear parade overnight and were down for the 6th consecutive session. Chicago July futures have closed lower for 9 consecutive sessions. CBT wheat was down 17 ¾ to 20 cents today. KC HRW settled 22 to 23 cents lower. MPLS spring wheat futures were down 17 to 19 ¼ cents.
This morning’s Export Inspections report showed US wheat shipments of 352,202 MT for the first week of the new marketing year.
For Wednesday’s USDA Crop Production report, the average trade estimate for All Wheat in a Reuters survey was 1.88 billion bushels. That would be up from 1.858 billion in the USDA May report. Trade ideas for wheat ending stocks are UNCH for old crop at 688 million and 778 million for new crop.
A limited sample of traders expected USDA would show winter wheat harvest 12% completed. That was spot on, with NASS at 12%, The bias was for a slight contra-seasonal improvement in the crop condition ratings vs. last week. That didn’t happen. NASS dropped the good/ex portion to 47% from 49% the week before. The Brugler500 index uses all 5 ratings levels and dropped 3 points to 330. That matches 2021 at this date. Spring wheat planting is 98% completed per NASS, still ahead of the five year average of 96%.
Jul 24 CBOT Wheat closed at $6.07 1/2, down 20 cents,
Sep 24 CBOT Wheat closed at $6.30 3/4, down 18 1/2 cents,
Jul 24 KCBT Wheat closed at $6.43 3/4, down 22 cents,
Sep 24 KCBT Wheat closed at $6.56 1/2, down 22 1/2 cents,
Jul 24 MGEX Wheat closed at $6.75 1/4, down 19 1/4 cents,
Sep 24 MGEX Wheat closed at $6.84 1/2, down 19 cents,
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