The wheat complex is posting mixed trade as we kick off the Tuesday session, with many of the front months heading lower. They continued its steep descent on Monday, with double digit losses across all three exchanges. Kansas City contracts were leading the bear charge, with contracts down 13 to 22 cents. Chicago was right behind with losses of 9 to 21 ¼ cents to start the week. MPLS spring wheat was 11 to 19 cents lower across the board.
The NASS Crop Progress report showed 94% of the US winter wheat crop headed (3% ahead of normal), with harvest 27% complete as of Sunday and well ahead of the average pace. Conditions were improving 2% to 49% gd/ex, as the Brugler500 index was back up 5 points to 335. Spring wheat was 95% emerged, ahead of the average development pace by 2%, with 4% headed and behind the 7% average for this date. NASS condition ratings for the spring crop up improved 4% points to 76% gd/ex, as the Brugler500 index saw a 5 point improvement to 379.
The Monday morning Export Inspections report from the FGIS sector of USDA showed 374,637 MT of wheat shipped during the week that ended on June 13. That was a 6.3% improvement over the previous week, and 59.03% larger compared to the same week in 2023. The largest destination was South Korea, with 69,204 MT headed that direction. Exports in the first couple weeks of the new marketing year have totaled 671,453 MT, a limited sample but a 21.2% increase over the same week in 2023.
Jul 24 CBOT Wheat closed at $5.91 1/2, down 21 1/4 cents, currently down 5 ½ cents
Sep 24 CBOT Wheat closed at $6.08, down 20 1/2 cents, currently down 3 ½ cents
Jul 24 KCBT Wheat closed at $6.05 1/2, down 22 cents, currently down 1 ¾ cents
Sep 24 KCBT Wheat closed at $6.15 1/2, down 20 3/4 cents, currently down 1 ½ cents
Jul 24 MGEX Wheat closed at $6.38 1/2, down 17 cents, currently down 1 ¼ cents
Sep 24 MGEX Wheat closed at $6.47 1/2, down 18 1/2 cents, currently down 1 ½ cents
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