Wheat prices are trading with 4 to 6 cent lower trade on Tuesday morning. Futures reversed the early weakness, similar to the rest of the grains, as the winter wheat contracts closed higher. Chicago SRW futures were up fractionally to a penny at the close. Kansas City HRW contracts posted fractional gains in the front months. MPLS spring wheat finished the day with nearby contracts down 6 to 7 ½ cents.
Crop Progress data showed 88% of the US winter wheat crop now harvested, 6 percentage points above last week and above the 86% 5-year average pace. The spring wheat crop was 97% headed 2% below normal, with harvest now 6% complete vs. the 10% average pace. Condition ratings were unchanged at 74% gd/ex, with 1% shifting from poor to very poor and taking the Brugler500 index down point to 380.
Weekly Export Inspections data showed 440,888 MT (16.19 mbu) of wheat shipments in the week that ended on August 1. That was a 2.87% drop from last week, but 38.38% above the same week in 2023. The destinations were spread out, with Mexico leading the way at 69,721 MT. Total shipments have totaled 3.539 MMT (130 mbu) so far in the first two months, a 15.68% increase from last year.
Sep 24 CBOT Wheat closed at $5.39 1/2, up 1/2 cent, currently down 4 1/4 cents
Dec 24 CBOT Wheat closed at $5.63 1/4, up 1 cent, currently down 4 1/4 cents
Sep 24 KCBT Wheat closed at $5.60 1/4, up 1/2 cent, currently down 5 1/4 cents
Dec 24 KCBT Wheat closed at $5.76 3/4, up 1/2 cent, currently down 5 1/2 cents
Sep 24 MGEX Wheat closed at $5.87 1/2, down 7 1/2 cents, currently down 5 1/4 cents
Dec 24 MGEX Wheat closed at $6.08 1/4, down 6 1/4 cents, currently down 4 cents
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