Wheat Falls Lower on Tuesday
U.S. wheat futures extended losses Tuesday, led by sharp declines in winter wheat. Chicago SRW fell 17–18 cents, with July closing at \$5.35¾. Kansas City HRW dropped 15–16 cents, while Minneapolis spring wheat eased 1–4 cents. USDA reported winter wheat harvest at just 19% complete—behind the 28% average—with crop condition ratings slipping across key states. Spring wheat ratings also declined.
The wheat market extended the weakness into Tuesday as the winter wheats piled on the pressure. Chicago SRW wheat was down 17 to 18 cents. KC HRW contracts were 15 to 16 cents in the red. MPLS spring wheat was just 1 to 4 cents lower.
Weekly crop progress data from USDA showed the winter wheat harvest at 19% complete as of Sunday, behind the 28% average. The forecast does show an opening over the next week to help dry things out. NASS pegged condition ratings at 49% good/excellent, down 3% from last week. That equates to a 4 point drop on the Brugler500 index, to 330 points. Just AR (+8), OH (+1), OR (+3) and SD (+1) were improving. Ratings in CO fell 31 points, with NC and OK down 15, and KS down 9 points. The spring wheat ratings were down 3 percent to 54% good to excellent. That was an 11 point drop on the Brugler500 index to 341. All of the 6 states were reported with lower ratings, as MN fell 30, SD down 16, and WA down 6.
The EU Commission has soft wheat exports at 19.93 MMT from July 1 to June 22, nearly the full marketing year, well below the 30.53 MMT from the same period last year.
Jul 25 CBOT Wheat closed at $5.35 3/4, down 17 cents,
Sep 25 CBOT Wheat closed at $5.52, down 17 1/2 cents,
Jul 25 KCBT Wheat closed at $5.34 3/4, down 15 1/4 cents,
Sep 25 KCBT Wheat closed at $5.49 3/4, down 15 1/4 cents,
Jul 25 MGEX Wheat closed at $6.25, down 1 3/4 cents,
Sep 25 MGEX Wheat closed at $6.41 3/4, down 3 1/2 cents.
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Source : BarChart
