The wheat complex were under pressure across the three markets to kick off the Monday session. Chicago SRW contracts were 6 to 8 1/4 cents in the red at the close. KC HRW futures saw 10 1/2 to 11 1/2 cent losses across the board. MPLS spring wheat were down 3 ¾ to 10 ¼ cents on the day.
NASS Crop Progress data showed 40% of the US winter wheat crop harvested by Sunday, 16% ahead of normal. Conditions were down 1% to 26% gd/ex, with the Brugler500 index 3 points lower to 264. The spring wheat crop was 16% headed, matching the 5-year average pace. Spring wheat conditions were 54% gd/ex, down 1%, with the Brugler500 slipping 1 point to 351.
Monday morning’s Export Inspections report showed wheat shipments of 393,150 MT (14.45 mbu) in the week of 6/18. That was up 9.79% from the week prior and more than 54.2% above the same week last year. The Philippines was the largest destination of 103,317 MT, with 83,478 MT shipped to Japan and 43,001 MT headed to South Korea. The marketing year total is now 971,031 MT (35.68 mbu) of shipments, which is now 15.92% above the same period last year.
Commitment of Traders data showed managed money cutting back their net long in the Chicago market, cutting 9,786 contracts from their net short to 69,531 contracts. In KC wheat, spec funds flipped their position back to a net long of 7,620 contracts, by a move of 12,163 contracts to the long side.
The French soft wheat crop was estimated at 76% gd/ex as of June 15 according to the FranceAgriMer, down 1% from the previous week. The durum crop was estimated at 64% gd/ex. Argus estimates the Ukrainian wheat crop at 24.1 MMT according to Argus, up 0.6 MMT from their previous number.
Jul 26 CBOT Wheat closed at $5.97 1/2, down 8 1/4 cents,
Sep 26 CBOT Wheat closed at $6.07 1/2, down 6 1/2 cents,
Jul 26 KCBT Wheat closed at $6.33 1/2, down 10 1/2 cents,
Sep 26 KCBT Wheat closed at $6.40, down 11 1/4 cents,
Jul 26 MIAX Wheat closed at $6.12 1/4, down 10 3/4 cents,
Sep 26 MIAX Wheat closed at $6.38, down 9 3/4 cents,
