Wheat Collapses to Start the Week
“Wheat prices plummeted across all exchanges on Monday, with Kansas City contracts leading at a 13 to 22 cent drop, followed closely by Chicago with losses of 9 to 21 ¼ cents. MPLS spring wheat also saw declines of 11 to 19 cents. The latest Crop Progress report indicated US winter wheat harvest progressing rapidly at 27% complete, 13% ahead of normal pace, with improved conditions at 49% good/excellent. Export inspections showed a significant increase, with 374,637 MT shipped, led by exports to South Korea and Malaysia.”
The wheat complex continued its steep descent on Monday, with double digit losses across all three exchanges. Kansas City contracts were leading the bear charge, with contracts down 13 to 22 cents. Chicago was right behind with losses of 9 to 21 ¼ cents to start the week. MPLS spring wheat was 11 to 19 cents lower across the board.
This afternoon’s Crop Progress report showed 94% of the US winter wheat crop headed (3% ahead of normal), with harvest pace progressing to 13% faster than normal, at 27% complete as od Sunday. Conditions were improving 2% to 49% gd/ex, as the Brugler500 index was back up 5 points to 335. Spring wheat was listed at 95% emerged, ahead of the average development pace by 2%, with 4% headed behind the 7% average. NASS tallied condition ratings for the crop up 4% to 76% gd/ex, as the Brugler500 index saw a 5 point improvement to 379.
The Monday morning Export Inspections report from the FGIS sector of USDA showed 374,637 MT of wheat shipped during the week that ended on June 13. That was a 6.3% improvement over the previous week, and 59.03% larger compared to the same week in 2023. The largest destination was South Korea, with 69,204 MT headed that direction, as 57,930 MT was on its way to Malaysia. Exports in the first couple weeks of the new marketing year have totaled 671,453 MT, a 21.2% increase over the same week in the MY prior.
Source Link: https://www.barchart.com/story/news/26876813/wheat-collapses-to-start-the-week
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