The wheat market is posting mixed trade so far on Wednesday morning. They fell lower on the Tuesday session. Chicago futures gave back some of Monday’s gains with losses of 5 ¾ to 9 ¼ cents. Kansas City futures slipped back 1 ¾ to 9 ¾ cents. MPLS spring wheat was back down ¼ to 1 ½ cents, with a few deferred contracts up 3 ¾ to 5 ½ cents.
Wednesday will be the last full trade day of the week with Thursday off for the July 4th holiday, and a hard 8:30 am CDT open on Friday. There were 183 contracts issued against July CBT futures overnight, all by SG Americas customers. No strong stopper emerged.
USDA confirmed that KS was 31% points above normal on harvest at 80% complete. The daily harvest reports (actually 3x weekly) show rain has slowed some of the remaining harvest. Yields are variable as usual, with a strong representation of 12% protein.
Spring wheat was 38% headed, 1% faster than normal. Just MT and MN were reported above normal maturity for the date. Condition ratings were up 1% to 72% gd/ex, vs. trade estimates calling for a drop, as the Brugler500 index was up 5 to 378. MT was the only state to see a drop for the week (by 9 points), with MN improving 18 points.
Japan’s Ministry of Ag is looking for 129,660 MT of wheat from Australia, Canada, and the US in their weekly tender, as 59,670 MT US specific.
Jul 24 CBOT Wheat closed at $5.61 1/2, down 7 3/4 cents, currently up 2 ¼ cents
Sep 24 CBOT Wheat closed at $5.81, down 9 1/4 cents, currently down ¼ cents
Jul 24 KCBT Wheat closed at $5.93, down 9 3/4 cents, currently down 1 ¼ cents
Sep 24 KCBT Wheat closed at $5.92 1/4, down 7 1/4 cents, currently down 1 ¾ cents
Jul 24 MGEX Wheat closed at $6.28, unch, currently unch
Sep 24 MGEX Wheat closed at $6.31, down 1 1/4 cents, currently down 1 ¼ cents
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