Wheat Falls on Turnaround Tuesday
The wheat market declined on Tuesday, with Chicago futures losing 5 ¾ to 9 ¼ cents. Kansas City futures dropped 1 ¾ to 9 ¾ cents, and MPLS spring wheat fell ¼ to 1 ½ cents. Winter wheat harvest progress varied, with Kansas 31% above normal at 80% complete. Spring wheat was 38% headed, with condition ratings up 1% to 72% gd/ex. Japan’s Ministry of Agriculture seeks 129,660 MT of wheat from Australia, Canada, and the US.
The wheat market fell lower on the Tuesday session. Chicago futures gave back some of Monday’s gains with losses of 5 ¾ to 9 ¼ cents. Kansas City futures slipped back 1 ¾ to 9 ¾ cents. MPLS spring wheat was back down ¼ to 1 ½ cents, with a few deferred contracts up 3 ¾ to 5 ½ cents.
Wednesday will be the last full trade day of the week with Thursday off for the July 4th holiday, and a hard 8:30 am CDT open on Friday.
Crop Progress data from Monday afternoon showed winter wheat harvest in just CA and OR of the 18 major states as lagging, as KS was 31% above normal at 80% complete. Condition ratings were down 1% to 51% gd/ex, with this week being the final rating for this crop. The final Brugler500 index for this year was 341, the best finish for the winter wheat crop since 2019 and down only 7 points from the initial. HRW ratings slipped 18 points on the growing season to 334, with SRW states averaging a 7-point improvement to 380, and an average of white wheat states up 8 points since early April at 361.
Spring wheat was 38% headed, 1% faster than normal. Just MT and MN were reported above normal. Condition ratings were up 1% to 72% gd/ex, vs. trade estimates calling for a drop, as the Brugler500 index was up 5 to 378 on a 4% up shift to excellent. MT was the only state to see a drop (by 9 points), with MN improving 18 points.
Japan’s Ministry of Ag is looking for 129,660 MT of wheat from Australia, Canada, and the US in their weekly tender, as 59,670 MT US specific.
Source Link: https://www.barchart.com/story/news/27179522/wheat-falls-on-turnaround-tuesday
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