Wheat Mixed to Kickoff Tuesday
The wheat market is trading with mixed action across the board, with spring wheat dragging on things. Wheat saw weakness to kick off the week as all three contracts were lower following larger than expected stocks. Chicago SRW wheat was down 2 to 4 cents to close out the day. Preliminary open interest was up 2,070 contracts. There were 193 contracts issued against CBT wheat overnight. KC HRW contracts were 7 to 10 cents lower on Monday. Preliminary open interest was up 4,126 contracts. There were 310 deliveries against KC wheat overnight. MPLS spring wheat posted 5 to 8 cent losses on at the close.
Crop Progress data tallied 37% of the US winter wheat crop as harvested by June 29, which is lagging the average pace by 5%. Conditions were down 1% to 48% good/excellent, with the Brugler500 index dropping 1 to 329. The spring wheat crop was 38% headed, 1% behind average. Conditions were 1% lower to 53% gd/ex, with the Brugler500 up 4 to 345 as poor/very poor ratings were down 1%.
The Grain Stocks report from Monday showed all wheat stocks as of June 1 at 850.5 million bushels, which was above the trade ideas and nearly 10 mbu larger than the June WASDE for the 2024/25 ending stocks total. That was also up 154 mbu from last year. Acreage was tallieda t 45.478 million acres across all wheat, just 40,000 acres above trade ideas and 128,000 larger than in March. Winter wheat acres were up 10,000 acres from the March report at 33.325 million acres, with spring wheat up just 25,000 acres at 10.045 million. Durum saw a 93,000 acre shift higher from March at 2.108 million acres.
USDA tallied wheat export shipments at 434,538 MT (15.97 mbu) during the week ending on June 26. That was up 70.49% from last week and 29.46% above the same week last year. Of that total, 75,360 MT was headed to Indonesia, with 66,062 MT on its way to Mexico. Marketing year exports have totaled 1.279 MMT (47.02 mbu), which is 7.89% below the same period last year.
Jul 25 CBOT Wheat closed at $5.28 3/4, up 4 cents, currently down 1/4 cent
Sep 25 CBOT Wheat closed at $5.38 1/4, down 2 1/2 cents, currently up 3 3/4 cents
Jul 25 KCBT Wheat closed at $5.06, down 10 cents, currently up 1 cent
Sep 25 KCBT Wheat closed at $5.26 3/4, down 7 cents, currently up 1/2 cent
Jul 25 MGEX Wheat closed at $6.03, down 5 cents, currently down 4 3/4 cents
Sep 25 MGEX Wheat closed at $6.21 3/4, down 7 ¼ cents, currently down 6 1/2 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. For more information please view the Barchart Disclosure Policy here.
