Wheat is trading with losses across the three markets on Tuesday morning. The wheat complex fell on Monday, coming out of the long weekend on a sour note. Chicago SRW wheat was down 8 to 9 cents. Preliminary open interest rose 7,821 contracts on Monday. KC HRW contracts posted 8 to 10 cent losses on Monday. There were 8 deliveries issued for July KC wheat overnight. MPLS spring wheat was 9 to 10 cents lower to kick off the week.
USDA’s Crop Progress data showed the US winter wheat crop at 53% harvested, behind the 53% average. Conditions were unchanged at 48% gd/ex as the Brugler 500 index was up 2 points to 331. The spring wheat crop was 61% headed, ahead of the 58% average. Spring wheat conditions were down 3% to 48% gd/ex, with the Brugler500 index down 8 to 337.
Export Inspections data showed 436,628 MT (16.04 mbu) of wheat shipped in the week that ended on July 3, which was down 8.38% from the week prior, but still up 27.16% from the same week last year. Mexico was the top destination of 71,753 MT, with 63,265 MT headed to Brazil. Marketing year shipments have totaled 1.758 MMT (64.6 mbu) since June 1, 1.5% larger yr/yr.
President Trump released a statement later on Monday raising tariffs on goods from South Korea and Japan to 25%.
The delayed Commitment of Traders report showed a total of 1,596 contracts trimmed from the Chicago Spec Fund net short position by July 1 to 63,071 contracts. In KC wheat, they cut 1,114 contracts from their once record net short to 42,348 contracts.
Jul 25 CBOT Wheat closed at $5.39 3/4, down 8 cents, currently unch
Sep 25 CBOT Wheat closed at $5.48 1/2, down 8 1/4 cents, currently down 3 1/2 cents
Jul 25 KCBT Wheat closed at $5.08 1/2, down 9 1/2 cents, currently unch
Sep 25 KCBT Wheat closed at $5.27 1/2, down 8 1/2 cents, currently down 5 cents
Jul 25 MGEX Wheat closed at $6.20 3/4, down 9 1/4 cents, currently unch
Sep 25 MGEX Wheat closed at $6.37 1/4, down 10 cents, currently down 4 3/4 cents
