Wheat Bulls Give In On Monday
The wheat market resumed its decline on Monday, with contracts dropping significantly across most exchanges. Chicago futures fell 11 to 20 cents, Kansas City contracts dropped 11 to 15 cents, and MPLS spring wheat futures were down 8 ½ to 16 ¾ cents.
As of July 14, 71% of the US winter wheat crop was harvested, 9% ahead of normal. Spring wheat was 76% headed, with 77% rated good/excellent. Export data showed 533,828 MT of wheat shipped, nearly double from last year. IKAR raised Russia’s wheat production estimate by 1.2 MMT to 83.2 MMT.
The wheat market resumed the free fall on Monday, with contracts down double digits across most exchanges. Chicago futures ended the day with contracts down 11 to 20 cents. Kansas City contracts fell 11 to 15 cents into the close. MPLS spring wheat futures were 8 ½ to 16 ¾ cents lower when the final bell rang.
Weekly Crop Progress data suggested that 71% of the US winter wheat crop was harvested as of July 14, now 9% ahead of normal. Spring wheat was 76% headed, vs. the 78% average. Condition ratings were up 2% to 77% good/excellent, as now 0% was listed as very poor. The Brugler500 index was up 4 points to 384.
Export Inspection data showed 533,828 MT (19.6 mbu) of wheat shipped during the week that ended on July 11. That was early double the same week last year and 55.47% above the previous week. Mexico was the lead buyer of 124,648 MT, with Taiwan buying 97,902 MT. Accumulated shipments in the first month and a half of the marketing year are now 2.27 MMT (83.27 mbu).
IKAR, a Russian consultancy firm, raised their wheat production number for Russia by 1.2 MMT to 83.2 MMT.
Sep 24 CBOT Wheat closed at $5.32 1/2, down 18 1/4 cents,
Dec 24 CBOT Wheat closed at $5.56 1/2, down 19 1/4 cents,
Sep 24 KCBT Wheat closed at $5.55 1/2, down 12 1/4 cents,
Dec 24 KCBT Wheat closed at $5.72 1/4, down 14 1/4 cents,
Sep 24 MGEX Wheat closed at $5.80 3/4, down 16 3/4 cents,
Dec 24 MGEX Wheat closed at $6.01 1/4, down 16 cents,
Source Link : https://www.barchart.com/story/news/27406685/wheat-bulls-give-in-on-monday
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