Wheat Falls Lower on Tuesday
Wheat futures fell on Tuesday, with Chicago SRW, Kansas City, and Minneapolis contracts all closing lower. Poor crop condition data and slow spring wheat progress added pressure. EU soft wheat exports lag behind last year. U.S. winter wheat harvest reached 80%, with spring wheat harvest just beginning and condition ratings declining further.
Wheat was under pressure on Tuesday, as contracts closed with losses across the three markets. Chicago SRW futures were 8 to 9 cents in the red at the close. KC contracts were down 7 to 8 cents on the day. MPLS spring wheat was just 3 to 4 cents lower in the front months.
Crop Progress data after the close showed 80% of the US winter wheat crop harvested by Sunday, 1 point behind average. Spring wheat was 3% behind normal at 95% headed. Harvest was tallied at 1%. Conditions of the northern crop were down 3% to 49% gd/ex, as the Brugler500 index was down 6 to 332. The only state to see improvement was MN, up 3, with MT down another 11 and ND losing 3 points.
EU soft wheat exports are pegged at 803,256 MT from July 1 to July 27 according to the EU Commission, which is well below the 2.248 MMT last year in the same time period.
Sep 25 CBOT Wheat closed at $5.29 3/4, down 8 3/4 cents,
Dec 25 CBOT Wheat closed at $5.50, down 8 3/4 cents,
Sep 25 KCBT Wheat closed at $5.18 1/2, down 7 1/2 cents,
Dec 25 KCBT Wheat closed at $5.39 1/2, down 7 1/4 cents,
Sep 25 MGEX Wheat closed at $5.78 1/2, down 4 cents,
Dec 25 MGEX Wheat closed at $6.00, down 3 cents .
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Source : BarChart
