Wheat Fades Lower on Monday
Wheat futures took a downward turn on Monday, with Chicago contracts down 4 to 5 ½ cents, and Kansas City futures 6 to 9 ¼ cents lower. MPLS spring wheat also saw losses of 5 to 6 cents. Despite this, weekly Crop Progress data revealed positive trends, with US winter wheat crop heading at 83%, 5% above normal. Exports showed improvement, reaching 416,010 MT, a 36.7% increase from last year. ABARES raised Australian wheat crop estimate to 29.1 MMT, near USDA’s projection of 29 MMT.
The wheat market reversed the stronger overnight trade, with losses across the board on Monday. Contracts in Chicago were down 4 to 5 ½ cents. Kansas City futures were 6 to 9 ¼ cents lower at the close. MPLS spring wheat was down 5 to 6 cents to start out the month.
Weekly Crop Progress data showed 83% of the US winter wheat crop headed, 5% above normal, with harvest now at 6% complete, faster than the 3% average. Condition ratings were up 1% to 49% gd/ex, taking the Brugler500 index back up 2 points to 333. Spring wheat was 94% planted, 4% above the average pace, with 78% of the crop emerging, 9% faster than normal. Conditions were 74% gd/ex, with the Brugler500 index at 377.
All wheat exports were tallied at 416,010 MT in the final full week of the 23/24 MY according to FGIS Export Inspections data. That was an improvement of 4.29% from the week prior and 36.7% above the same week last year. The Philippines were the top destination of 98,559 MT, with 83,448 MT to Mexico. Nearly full year data shows 18.709 MMT of shipments, a 5.52% drop from the year prior.
ABARES raised their Australian wheat crop estimate by 0.7 MMT to 29.1 MMT, near the USDA 29 MMT projection.
Source Link: https://www.barchart.com/story/news/26599279/wheat-fades-lower-on-monday
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