Wheat bears remain in control of things on Tuesday morning, with losses cross the three markets. The wheat complex closed out the Monday session with contracts mixed. Chicago SRW futures were fractionally higher across most contracts. KC contracts faded off the midday gains, with fractional to penny losses on Monday. MPLS spring wheat was down 2 to 3 1/4 cents across most contracts.
Crop Progress data after the close showed 80% of the US winter wheat crop harvested by Sunday, 1 point behind average. Spring wheat was 3% behind normal at 95% headed. Harvest was tallied at 1%. Conditions of the northern crop were down 3% to 49% gd/ex, as the Brugler500 index was down 6 to 332.
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Export Inspections data showed 288,793 MT (10.61 mbu) of wheat shipped in the week that ended on July 24, which was up less than half of the week prior and still down 38.33% from the same week last year. Nigeria was the top destination of 55,377 MT, with 51,159 MT headed to Japan and 47,409 MT to Mexico. Marketing year shipments have totaled 3.31 MMT (17.21 mbu) since June 1, 5.92% larger yr/yr.
Sep 25 CBOT Wheat closed at $5.38 1/2, up 1/4 cent, currently down 7 3/4 cents
Dec 25 CBOT Wheat closed at $5.58 3/4, up 1/2 cent, currently down 8 cents
Sep 25 KCBT Wheat closed at $5.26, down 1/2 cent, currently down 5 3/4 cents
Dec 25 KCBT Wheat closed at $5.46 3/4, down 1 cent, currently down 5 1/2 cents
Sep 25 MGEX Wheat closed at $5.82 1/2, down 3 1/4 cents, currently down 1 1/2 cents
Dec 25 MGEX Wheat closed at $6.03, down 3 cents, currently down 1/2 cent
On the date of publication, Austin Schroeder did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here.
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