Wheat Continuing Lower on Tuesday
Wheat futures fell Tuesday, with KC HRW down 3–5 cents and MGEX spring wheat losing up to 11 cents. USDA data showed winter wheat 53% harvested, spring wheat 61% headed. Conditions slipped slightly. EU exports dropped to 20.33 MMT, while Russia’s forecast rose to 42.9 MMT. CBOT July wheat rose to $5.47, while September eased slightly.
The wheat complex is continuing the pullback into Tuesday trade. Chicago SRW wheat is 1 to 2 cents lower in the nearbys on Tuesday, with the nearby July an exception. KC HRW contracts are showing 3 to 5 cent losses across most contracts on Tuesday. There were 8 deliveries issued for July KC wheat overnight. MPLS spring wheat is trading with 8 to 11 cent losses at midday.
USDA’s Crop Progress data showed the US winter wheat crop at 53% harvested, behind the 53% average. Conditions were unchanged at 48% gd/ex as the Brugler 500 index was up 2 points to 331. The spring wheat crop was 61% headed, ahead of the 58% average. Spring wheat conditions were down 3% to 48% gd/ex, with the Brugler500 index down 8 to 337.
The delayed Commitment of Traders report showed a total of 1,596 contracts trimmed from the Chicago Spec Fund net short position by July 1 to 63,071 contracts. In KC wheat, they cut 1,114 contracts from their once record net short to 42,348 contracts.
EU wheat exports are estimated at 20.33 MMT according to the European Commission from July 1, 2024 to June 30, down from 31.07 MMT last year. Sovecon estimates the Russian wheat export total at 42.9 MMT, up 2.1 MMT from their previous number.
Jul 25 CBOT Wheat closed at $5.47, up 7 1/4 cents,
Sep 25 CBOT Wheat closed at $5.47 1/4, down 1 1/4 cents,
Jul 25 KCBT Wheat closed at $5.04 3/4, down 3 3/4 cents,
Sep 25 KCBT Wheat closed at $5.23, down 4 1/2 cents,
Jul 25 MGEX Wheat closed at $6.20 3/4, unch,
Sep 25 MGEX Wheat closed at $6.27 1/2, down 9 3/4 cent.
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Source : BarChart
