The wheat market is trading with mixed action on Tuesday morning, with spring wheat weaker on the ratings improvement. Wheat futures were lower on Monday, with contracts falling across the three markets. Chicago SRW futures were down 7 to 8 cents across most front months. CME data showed preliminary open interest dropping 3,624 contracts. Kansas City HRW contracts were 4 to 5 cents lower on the session. Preliminary OI was down 3,260 contracts on Monday. Minneapolis spring wheat futures ere 9 to 12 cents in the red.
The weekly crop progress update from USDA showed winter wheat at 93% headed as of June 15th, slightly ahead of normal. Harvest has been slow, reaching 10% complete as of Sunday, behind the 16% average. NASS Peg the condition ratings at 52% good/excellent, which fell short of trade estimates, and was down 2% from last week. That equates to a 7 point drop on the Brugler500 index, to 334 points. The spring wheat crop was tallied at 4% headed by Sunday, lagging the 6% average pace. Condition ratings for the crop were up 4 percent to 57% good to excellent. That was a 5 point improvement on the Brugler500 index to 353.
Weekly Export Inspections data tallied wheat shipments at just 388,752 MT (14.28 mbu) in the week that ended on June 12. That was back up 19.91% from the week prior and 5.54% below the same week last year. Nigeria was the largest destination of 75,721 MT, with 66,000 MT headed to the Philippines and 55,824 MT to Thailand.
The French soft wheat harvested area was trimmed by the country’s Farm Ministry, by 0.01 million hectares (30,000 acres) to 4.56 million hectares (11.26 million acres).
Jul 25 CBOT Wheat closed at $5.36 1/2, down 7 1/4 cents, currently up 3 3/4 cents
Sep 25 CBOT Wheat closed at $5.52 1/4, down 7 cents, currently up 3 3/4 cents
Jul 25 KCBT Wheat closed at $5.36, down 4 3/4 cents, currently up 3 1/2 cents
Sep 25 KCBT Wheat closed at $5.50 3/4, down 4 1/4 cents, currently up 3 cents
Jul 25 MGEX Wheat closed at $6.22 3/4, down 11 1/2 cents, currently down 1 3/4 cents
Sep 25 MGEX Wheat closed at $6.36, down 9 1/4 cents,currently down 1 1/4 cents
