Wheat Markets Lower on Turnaround Tuesday Fading of Monday Gains

Wheat futures were lower in a Turnaround Tuesday performance, fading gains from Monday. Chicago SRW futures settled 4 ¼ to 5 ¼ lower.  Kansas City HRW contracts were down 4 to 5 cents at the close.  MPLS spring wheat settled mostly 7 ¼ to 7 ½ cents lower than where it was on Monday evening. 

Crop Progress data from USDA showed 76% of US winter wheat area harvested as of July 21, a 4% lead over the 5-year average pace. As for the spring wheat crop, 89% was listed as headed, 1% behind the 5-year average. HRS condition ratings 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. These still imply high average yields. 

SovEcon gave their Russian wheat crop estimate a 0.1 MMT revision higher this morning, now at 84.2 MMT, and compared to USDA’s 83 MMT projection. EU exports have totaled 1.44 MMT so far in the marketing years from July 1 to July 21, compared to the 2.21 MMT in the same period last year. 

AAFC (Canada) in confirming WASDE’s estimate for wheat production, releasing a 35.43 MMT number this week.  USDA was at 35 MMT in the July 12 WASDE report. 

Sep 24 CBOT Wheat  closed at $5.42 3/4, down 5 1/4 cents,

Dec 24 CBOT Wheat  closed at $5.67 3/4, down 5 1/4 cents,

Sep 24 KCBT Wheat  closed at $5.66 3/4, down 5 cents,

Dec 24 KCBT Wheat  closed at $5.83 1/4, down 4 3/4 cents,

Sep 24 MGEX Wheat  closed at $6.15 1/2, down 7 1/4 cents,

Dec 24 MGEX Wheat  closed at $6.33, down 7 1/4 cents,

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