Wheat Posts Gains as Spring Wheat Leads the Way

Wheat futures faced some early and midday pressure but followed the Minneapolis complex to post gains on Monday. MPLS spring wheat was up 6 to 13 cents across most contracts. Chicago futures were 4 to 5 ½ cents in the green at the close.  Kansas City contracts were the weak spot, but still saw gains of 1 to 3 cents.

Crop Progress data from USDA showed 76% of US winter wheat area harvested as of July 21, a 4% increase over the 5-year average pace. As for the spring wheat crop, 89% was listed as headed, 1% behind normal. Conditions of the northern region crop were unchanged on the week at 67% good/excellent, as the Brugler500 rating dropped 1 point to 383 on a 2% increase in poor/very poor ratings.

Weekly Export Inspections data from Monday morning showed 237,965 MT (8.7 mbu) of wheat shipped during the week that ended on July 18. That was well below the previous week and down 34.11% from the same week last year. US exporters shipped 78,445 MT to Mexico, with 47,268 MT headed to Japan. Exports for the marketing year have totaled 2.591 MMT (95.2 mbu) in the first month and a half of the MY. That is a 20.22% increase from the same point last year.

Sep 24 CBOT Wheat  closed at $5.48, up 5 1/4 cents,

Dec 24 CBOT Wheat  closed at $5.73, up 5 cents,

Sep 24 KCBT Wheat  closed at $5.71 3/4, up 1 3/4 cents,

Dec 24 KCBT Wheat  closed at $5.88, up 1 1/4 cents,

Sep 24 MGEX Wheat  closed at $6.22 3/4, up 13 cents,

Dec 24 MGEX Wheat  closed at $6.40 1/4, up 10 3/4 cents,

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