Wheat prices are mixed so far on your Tuesday morning. Futures posted double digit gains across most contracts on Monday. Chicago futures were up 10 to 16 ¾ cents across most contracts. Kansas City futures were 10 ½ to 15 ¾ cents higher at the close. MPLS spring wheat started out the month with 10 to 19 ¼ cent gains.
Delivery notices vs. July CBT wheat slowed to 201 contracts overnight, with all but 3 stopped by Marex customers. There have been zero issues against KC July to date, with the oldest long patiently waiting since 12/28/23!
Monday morning’s Export Inspections report showed 309,775 MT (11.4 mbu) of wheat shipped during the week that ended on June 27. That was a 9.87% decline from last week and 9.5% below the same week last year. Indonesia was the top destination of 75,509 MT, with 64,351 MT headed to the Philippines. Year to date inspections, nearly through the first month of the new marketing year, are at 1.36 MMT, 23.7% above the same month last year.
Crop Progress data from Monday afternoon showed 54% of the US winter wheat crop now harvested, still 15% points faster than average. Condition ratings were down 1% to 51% gd/ex, with this week being the final rating for this crop. The final Brugler500 index for this year was 341, the best finish for the winter wheat crop since 2019. Spring wheat was 38% headed, 1% faster than normal. Condition ratings were up 1% to 72% gd/ex, vs. trade estimates calling for a drop, as the Brugler500 index was up 5 to 378 on a 4% up shift to excellent.
Saudi Arabia purchased 235,000 MT of wheat in their recent tender, which was originally for 595,000 MT.
Jul 24 CBOT Wheat closed at $5.69 1/4, up 15 3/4 cents, currently down 1 ¼ cents
Sep 24 CBOT Wheat closed at $5.90 1/4, up 16 3/4 cents, currently down 5 ½ cents
Jul 24 KCBT Wheat closed at $6.02 3/4, up 15 1/4 cents, currently down 2 cents
Sep 24 KCBT Wheat closed at $5.99 1/2, up 13 1/4 cents, currently down 6 3/4 cents
Jul 24 MGEX Wheat closed at $6.28, up 15 cents, currently unch
Sep 24 MGEX Wheat closed at $6.32 1/4, up 19 1/4 cents, currently up ½ cents
On the date of publication, Alan Brugler 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.
