The wheat market is falling double digits on Tuesday morning. Wheat futures shrugged off Monday’s overnight weakness with contracts finishing stronger. Chicago SRW futures were up 5 to 8 cents at the close. Kansas City HRW contracts were 7 to 8 cents higher in the nearbys. MPLS spring wheat were 2 to 3 cents in the green.
Weekly NASS Crop Progress data showed 82% of the US winter wheat crop harvested, vs. the 80% average for this date. The spring wheat crop was 94% headed by 7/28, with 1% harvested, both lagging their respective average by 2% points. Spring wheat conditions were down 2% to 74% gd/ex, with the Brugler500 index down 2 points to 381.
Export Inspections data showed a total of 431,233 MT (11.74 mbu) shipped during the week that ended on July 25. That was an improvement of 64.21% from the week prior but down 26.23% compared to the year prior in the same week. The Philippines was the top destination of 124,007 MT, with 94,759 MT headed to South Korea. Cumulative Shipments are 3.048 MMT (112 mbu) since June 1. That is 11.24% above the same period last year.
Sep 24 CBOT Wheat closed at $5.31, up 7 1/2 cents, currently down 12 1/2 cents
Dec 24 CBOT Wheat closed at $5.55 1/4, up 6 3/4 cents, currently down 12 3/4 cents
Sep 24 KCBT Wheat closed at $5.53 1/2, up 8 cents, currently down 17 1/2 cents
Dec 24 KCBT Wheat closed at $5.69 1/4, up 7 1/4 cents, currently down 17 1/2 cents
Sep 24 MGEX Wheat closed at $5.91 1/2, up 3 cents, currently down 14 cents
Dec 24 MGEX Wheat closed at $6.09 1/2, up 2 cents, currently down 11 cents
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