The wheat market is trading with mixed trade, as most contracts are within 2 cents of unchanged. Wheat pushed lower across the three markets on Monday, led by spring wheat. CBT prices were 3 to 4 cents lower across most nearbys. Preliminary open interest showed new selling interest up 2,270 contracts. KC contracts were 3 to 4 cents in the red at the close. Preliminary OI suggested a rotation of ownership, up just 38 contracts. MPLS spring wheat was down 8 to 9 cents.
Crop Progress data after the close showed 73% of the US winter wheat crop harvested by Sunday, 1 point ahead of average. Spring wheat was 1% behind normal at 87% headed. Conditions of the northern crop were down 2% to 52% gd/ex, as the Brugler500 index was down 7 to 338.
The Wheat Quality Council Tour starts today and will generate some social media reports on spring wheat prospects.
Monday morning’s USDA weekly export inspections report shows 732,290 MT inspected in the week ending July 17. That was an improvement from 444,631 MT in the previous week, and well above the 290,636 MT loaded out the same week in 2024. Year to date inspections for the marketing year that began June 1 at 3.021 MMT, up 13.7% from year ago.
The Russian ag ministry estimates the country’s wheat crop at 88-90 MMT for this year, still above some private estimates and the USDA.
Sep 25 CBOT Wheat closed at $5.42 1/4, down 4 cents, currently down 1/2 cent
Dec 25 CBOT Wheat closed at $5.63 1/4, down 3 3/4 cents, currently down 1 cent
Sep 25 KCBT Wheat closed at $5.25 3/4, down 3 1/4 cents, currently up 1 ¾ cents
Dec 25 KCBT Wheat closed at $5.48 1/4, down 3 1/4 cents, currently up 1 cent
Sep 25 MGEX Wheat closed at $5.87 1/2, down 9 cents, currently down 1/4 cent
Dec 25 MGEX Wheat closed at $6.09 1/2, down 8 cents, currently up 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..jpg?w=600)
