Wheat Continuing Path Lower
Wheat futures are experiencing midday losses with Chicago contracts down 6 to 8¾ cents, led by July at $5.43¾. Kansas City wheat futures dropped 4 cents, and MPLS spring wheat is down 5 to 7 cents. The USDA reports 97% of U.S. wheat is headed, with harvest at 40%, 15% above average. Wheat acreage is projected up by 159,000 to 47.657 million acres. Egypt and Algeria are currently seeking wheat, with Russian offers the lowest.
The wheat complex is trading with losses at midday. Chicago contracts are again leading the charge, 6 to 8 ¾ cents lower, led by July. Kansas City futures are down 4 cents across the nearbys. MPLS spring wheat contracts are 5 to 7 cents in the red at midday.
NASS said 97% of the US wheat crop is headed, 2% faster than normal. Harvest was listed at 15% faster than the average at 40% complete, a 13% point move on the week. Conditions were up another 3% to 42% gd/ex, with the Brugler500 7 points higher to 342. The spring wheat crop is moving along with the average pace at 18% headed by last Sunday. Crop conditions were weaker, down 5% to 71%, as the Brugler500 was down 6 points to 373. By state, ND was down 14 points, with MN losing 12 points.
All wheat acres are expected to be up 159,000 acres from the March Intentions report at 47.657 million acres. Winter wheat is seen up just 64,000 acres at 34.197 million acres. Spring wheat is seen steady at 11.34 million acres
Egypt’s GASC is looking for wheat, with the tender closing today and Russian offers listed as the cheapest. Results should be announced later today. Algeria is also in for wheat, with the tender closing on Wednesday.
Jul 24 CBOT Wheat is at $5.43 3/4, down 8 3/4 cents,
Sep 24 CBOT Wheat is at $5.63 1/4, down 7 3/4 cents,
Jul 24 KCBT Wheat is at $5.77 1/2, down 4 cents,
Sep 24 KCBT Wheat is at $5.83 1/2, down 4 cents,
Jul 24 MGEX Wheat is at $5.99, down 6 1/4 cents,
Sep 24 MGEX Wheat is at $6.06 1/2, down 6 1/4 cents,
Source Link : https://www.barchart.com/story/news/27029361/wheat-continuing-path-lower
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