Wheat is continuing the lower trend on Tuesday morning, as nearby CBT wheat is testing the waters below $5. The wheat complex was lower across the three markets on Monday. CBT soft red wheat futures posted 1 to 3 ¾ cent losses on the day. Monday’s preliminary open interest was up 6,485 contracts. KC HRW futures were fractionally lower to close the session. MPLS spring wheat saw 2 to 3 cent losses on the day.
Crop Progress data from USDA showed the US winter wheat 94% harvested, with 95% the normal harvest pace. The spring wheat harvest was 36% complete, behind the even with the 5-year average. Conditions were listed at 50% gd/ex, up 1%, with the Brugler500 index back up 2 points at 333.
USDA tallied wheat export shipments at 395,240 MT (14.52 mbu) during the week ending on August 14. That was down 4.73% from last week but 5.59% above the same week last year. Of that total, 65,265 MT was headed to Mexico, with 65,897 MT on its way to Japan and 51,630 MT to Egypt. Marketing year exports have totaled 4.811 MMT (176.79 mbu), which is 3.69% above the same period last year.
Sep 25 CBOT Wheat closed at $5.02 3/4, down 3 3/4 cents, currently down 4 cents
Dec 25 CBOT Wheat closed at $5.25, down 2 cents, currently down 4 cents
Sep 25 KCBT Wheat closed at $5.06 1/4, down 3/4 cent, currently down 6 cents
Dec 25 KCBT Wheat closed at $5.28 1/4, down 1/4 cent, currently down 6 cents
Sep 25 MGEX Wheat closed at $5.68 3/4, down 2 1/4 cents, currently down 1/2 cent
Dec 25 MGEX Wheat closed at $5.86 1/4, down 3 cents, currently up 3/4 cent
