Wheat Continues Lower on Monday
Wheat markets experienced mixed outcomes across exchanges on Monday. Chicago SRW futures fell by 3 to 5 cents, while KC HRW increased by 2 to 5 cents. MPLS spring wheat saw a drop of 4 to 10 1/4 cents. The weekly Crop Progress report indicated 51% of spring wheat harvested, slightly below the 5-year average. Wheat exports rose by 44.1% from the previous week, with South Korea being the largest destination. September CBOT wheat closed at $4.98, down 4 1/4 cents.
The wheat market fell across the three exchange to close the session on Monday. Chicago SRW futures were down 3 to 5 cents in the front months. KC HRW was 2 to 5 cents higher in the nearbys. MPLS spring wheat was down 4 to 10 1/4 cents on the day.
The weekly Crop Progress report showed the spring wheat down 2 percentage points from the 5-year average at 51% harvested. Condition ragines were down 4% to 69% in the good or excellent categories. The Brugler500 index was down 10 on the week at 369.
Export Inspections data showed a total of 537,179 MT (19.74 mbu) of wheat exported for the week that ended on August 22. That was up 44.1% from the previous week and 37.6% larger than the same week in 2023. South Korea was the largest destination of 95,579 MT, with 66,113 MT headed to Vietnam. In the nearly 3 months of the marketing year, the accumulated shipments are 5.146 MMT (189 mbu), up 27.69% from last year.
Sep 24 CBOT Wheat closed at $4.98, down 4 1/4 cents,
Dec 24 CBOT Wheat closed at $5.25, down 3 cents,
Sep 24 KCBT Wheat closed at $5.25, up 5 cents,
Dec 24 KCBT Wheat closed at $5.37 1/4, up 2 1/4 cents,
Sep 24 MGEX Wheat closed at $5.41 1/2, down 10 1/4 cents,
Dec 24 MGEX Wheat closed at $5.68, down 4 1/4 cents.
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Source Link : https://www.barchart.com/story/news/28219398/wheat-continues-lower-on-monday
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