Wheat Closes Mixed on Monday
Wheat futures closed mixed on Monday. Chicago SRW gained 1-2 cents, while KC HRW fell 1¾ cents for December, and MPLS spring wheat dropped 7 cents. NASS reported 85% of the spring wheat crop harvested. USDA noted a 2.65% decrease in wheat stocks from last week but a 44.15% increase from last year. Russian 2024/25 crop estimates were reduced to 82.2 MMT.
Wheat futures ended the Monday session with contracts mixed across the three exchanges. Chicago SRW futures were up 1 to 2 cents. KC HRW was down 1 ¾ cents in the December contract. MPLS spring wheat was down 7 cents for Dec.
NASS pegged the spring wheat crop at 85% harvested, which was above the 83% average. The winter wheat crop was 6% planted, matching the 5-year average.
USDA’s Export Inspections report showed wheat stocks slipping to 586,687 MT from the previous week. That was down 2.65% from last week but 44.15% above the same week in 2023. The top destination was Mexico at 146,961 MT, with 90,711 MT shipped to Taiwan. Year to date shipments since the start of the marketing year are 33.55% above last year at 6.35 MMT.
Canadian wheat stocks as of July 31 were shown at 4.583 MMT according to Stats Canada above estimates but still 18.5% below a year ago. Russian crop production estimates for the 2024/25 wheat crop were trimmed by 1.6 MMT to 82.2 MMT by the IKAR consultancy firm.
Sep 24 CBOT Wheat closed at $5.55 1/2, up 2 1/4 cents,
Dec 24 CBOT Wheat closed at $5.68 1/2, up 1 1/2 cents,
Sep 24 KCBT Wheat closed at $5.74 3/4, up 5 cents,
Dec 24 KCBT Wheat closed at $5.75 3/4, down 1 3/4 cents,
Sep 24 MGEX Wheat closed at $5.79, down 6 1/4 cents,
Dec 24 MGEX Wheat closed at $6.06 3/4, down 7 cents.
Source Link : https://www.barchart.com/story/news/28448351/wheat-closes-mixed-on-monday
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