Austin Schroeder
2 min read
In This Article:
The wheat market is extending the weakness into Tuesday, as futures are falling double digits early across the three exchanges. Wheat failed to see much buying late in the Monday session, as contracts fell by double digits across the three markets. CBT wheat was down 14 to 15 cents. KC HRW contracts were 13 to 14 cents in the red. MPLS spring wheat was down 11 to 13 cents.
After the Monday close the weekly crop progress update from USDA showed winter wheat at 96% headed as of June 15th. Harvest has been slow, progressing 9 points to 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 33 points. The spring wheat crop was tallied at 17% headed by Sunday, lagging the 18% average pace. Condition ratings for the crop were down 3 percent to 54% good to excellent. That was an 11 point drop on the Brugler500 index to 341.
Monday morning’s Export Inspections report showed a total of 254,782 MT of wheat shipped in the week of 6/19. That is down 34.44% from last week and 26.08% below the same week in 2024. Japan was the top destination of 80,169 MT, with 65,970 MT headed to Mexico. Marketing year shipments are now at 844,686 MT, which is 19.82% lower than the same short period last year.
A delayed Commitment of Traders report from CFTC showed Chicago wheat spec traders decreasing their large net short position by 12,658 contracts to a net short of 81,353 contracts as of last Tuesday. By June 17th, Kansas City wheat speculators had covered 12,813 contracts of their large net short position to 62,151 contracts.
Jul 25 CBOT Wheat closed at $5.52 3/4, down 15 cents, currently down 10 3/4 cents
Sep 25 CBOT Wheat closed at $5.69 1/2, down 14 cents, currently down 10 1/4 cents
Jul 25 KCBT Wheat closed at $5.50, down 13 1/4 cents, currently down 9 1/2 cents
Sep 25 KCBT Wheat closed at $5.65, down 13 3/4 cents, currently down 9 3/4 cents
Jul 25 MGEX Wheat closed at $6.26 3/4, down 12 cents, currently down 7 3/4 cents
Sep 25 MGEX Wheat closed at $6.45 1/4, down 11 1/2 cents, currently down 8 3/4 cents
On the date of publication, Austin Schroeder did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. This article was originally published on Barchart.com
