Wheat Rallies Double Digits to Start July
Wheat futures posted significant gains on Monday, with Chicago up 10 to 16 ¾ cents, Kansas City rising 10 ½ to 15 ¾ cents, and MPLS spring wheat gaining 10 to 19 ¼ cents. Export Inspections reported 309,775 MT of wheat shipped last week, down 9.87% from the previous week. The US winter wheat harvest reached 54%, and Saudi Arabia purchased 235,000 MT of wheat in a recent tender.
Wheat futures posted double digit gains across most contracts on Monday. Chicago futures were up 10 to 16 ¾ cents across most contracts. Kansas City futures were 10 ½ to 15 ¾ cents higher at the close. MPLS spring wheat started out the month with 10 to 19 ¼ cent gains.
This morning’s Export Inspections report showed 309,775 MT (11.4 mbu) of wheat shipped during the week that ended on June 27. That was a 9.87% decline from last week and 9.5% below the same week last year. Indonesia was the top destination of 75,509 MT, with 64,351 MT headed to the Philippines. Year to date inspections, nearly through the first month of the new marketing year, are at 1.36 MMT, 23.7% above the same month last year.
Crop Progress data from this afternoon tallied 54% of the US winter wheat crop now harvested, still 15% above normal. Condition ratings were down 1% to 51% gd/ex, with this week being the final rating released. The final Brugler500 index for this year was 341, the best close to the winter wheat crop since 2019. Spring wheat was 38% headed, 1% faster than normal. Conditions were up 1% to 72% gd/ex, vs. estimates calling for a drop, as the Brugler500 index was up 5 to 378 on a 4% shift to excellent.
Saudi Arabia purchased 235,000 MT of wheat in their recent tender, which was originally for 595,000 MT.
Source Link: https://www.barchart.com/story/news/27155344/wheat-rallies-double-digits-to-start-july
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