Wheat posted some mixed action on Monday as USDA release some mixed data for the classes. Chicago SRW futures were down 5 to 7 cents. Kansas City HRW contracts closed with 5 to 7 cent losses. MPLS spring wheat futures were up 2 to 3 cents following a production cut.
USDA’s Crop Production report from this morning showed a drop to overall US wheat output of 26 million bushels to 1.982 billion bushels. Most of that was due to a smaller spring wheat crop, down 34 mbu from the July report, with durum down 13 mbu. Winter wheat production was up 20 mbu from the previous month, mainly from HRW and white.
Overall, the tighter crop did shrink the US balance sheet by 28 mbu to 828 mbu. On the world side, the carryout was down 0.62 MMT, as a 2 MMT reduction to the EU production was offset by a 2.1 MMT increase to Ukraine and 1 MMT to Australia.
The weekly NASS Crop Progress report showed the winter wheat harvest a 93% complete and 2% faster than the 5-year average pace for August 11. The spring wheat harvest was picking up pace, now at 18% finished by Sunday lagging normal by 3%. Condition ratings were down 2% to 72%, as the Brugler500 index slipped just 1 point to 379.
Wheat export inspections data showed a large 649,199 MT of wheat shipped for the week that ended on August 8. That was more than double the same week last year, as MY exports have totaled 4.219 MMT, 26.7% above last year. Egypt’s GASC purchased just 280,000 MT of wheat in their tender on Monday, with the origins split by 180,000 MT of Ukrainian and 100,000 MT Bulgarian wheat.
Sep 24 CBOT Wheat closed at $5.36 3/4, down 5 3/4 cents,
Dec 24 CBOT Wheat closed at $5.59 3/4, down 6 cents,
Sep 24 KCBT Wheat closed at $5.48 1/4, down 5 3/4 cents,
Dec 24 KCBT Wheat closed at $5.63 1/2, down 7 cents,
Sep 24 MGEX Wheat closed at $5.92 1/4, up 2 1/2 cents,
Dec 24 MGEX Wheat closed at $6.12, up 3 1/2 cents,
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