Wheat Slips Lower on Tuesday
US wheat futures fell on Tuesday, with Chicago SRW down 6-7 cents, Kansas City HRW down 2.5-4 cents, and MPLS spring wheat steady to 7 cents weaker. Weekly Crop Progress data showed 82% of winter wheat harvested, lagging the average, and spring wheat conditions down 2% to 74% good/excellent. Japan is tendering for 119,145 MT of wheat, with 57,575 MT from the US. EU soft wheat exports are down 38% from last year, while Tunisia purchased 125,000 MT of soft wheat and 50,000 MT of durum wheat.
The wheat market did pull itself off early double digit losses on Tuesday, but still managed to drop into Tuesday. Chicago SRW futures were down 6 to 7 cents on the day. Kansas City HRW contracts were 2 ½ to 4 cents lower at the close. MPLS spring wheat was steady to 7 cents weaker on Tuesday.
Weekly NASS Crop Progress data showed 82% of the US winter wheat crop harvested, vs. the 80% average for this date. The spring wheat crop was 94% headed by 7/28, with 1% harvested, both lagging their respective average by 2% points. Spring wheat conditions were down 2% to 74% gd/ex, with the Brugler500 index down 2 points to 381. Ratings in ND were down 2 points, with MT losing 5, as SD was improved by 6 points and MN unchanged.
Japan is tendering for 119,145 MT of wheat this week from the usual three suspects, the US, Canada and Australia, with the close on Thursday. Of that total, 57,575 MT is US specific. Official EU data shows soft wheat exports in the first 4 weeks of their marketing year at 1.85 MMT, which is down from 2.99 MMT in the same time last year. Tunisia purchased 125,000 MT of soft wheat and 50,000 MT of durum wheat imports on Tuesday.
Sep 24 CBOT Wheat closed at $5.24, down 7 cents,
Dec 24 CBOT Wheat closed at $5.49, down 6 1/4 cents,
Sep 24 KCBT Wheat closed at $5.50 1/4, down 3 1/4 cents,
Dec 24 KCBT Wheat closed at $5.66 1/4, down 3 cents,
Sep 24 MGEX Wheat closed at $5.84 1/2, down 7 cents,
Source Link : https://www.nasdaq.com/articles/wheat-slips-lower-tuesday?time=1722383345
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