Wheat bulls tried to battle back for a Turnaround Tuesday bounce, but bears were too much to handle, as all three exchanges were lower. Chicago futures were down 1 to 5 ½ cents at the close. Kansas City contracts were 5 ¼ to 8 ¾ cents in the red on the session. MPLS spring wheat futures closed with contracts 3 ¼ to 5 ¼ cents lower at the final bell.
Weekly Crop Progress data suggested that 71% of the US winter wheat crop was harvested as of July 14, now 9% ahead of normal. Spring wheat was 76% headed, vs. the 78% average. Spring wheat condition ratings were up 2% to 77% good/excellent, with none of the crop rated very poor. The Brugler500 index was up 4 points to 384. Most of the improvement was in ID, up 12, with MT 6 points higher, and ND up 1. Ratings in MN were down 2, as SD lost 12 and WA dropping 15 points.
Egypt’s GASC purchased a massive 770,000 MT of wheat in their tender on Tuesday with 720,000 MT Russian and 50,000 MT Bulgarian. Japan is also tendering for 115,208 MT of US, Canadian, and Australian wheat, with 55,318 MT US specific. The EU Commission reports that the first couple weeks of the 2024/25 marketing year had 788,201 MT of wheat exported, which compares to 1.5 MMT shipped through July 14 last year.
Sep 24 CBOT Wheat closed at $5.30 3/4, down 1 3/4 cents,
Dec 24 CBOT Wheat closed at $5.55 1/2, down 1 cent,
Sep 24 KCBT Wheat closed at $5.50 1/4, down 5 1/4 cents,
Dec 24 KCBT Wheat closed at $5.67, down 5 1/4 cents,
Sep 24 MGEX Wheat closed at $5.75 3/4, down 5 cents,
Dec 24 MGEX Wheat closed at $5.97 1/4, down 4 cents,
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