Wheat Basks on a Higher Note

The wheat complex was higher at the final bell on Monday. Chicago SRW contracts were 10 to 12 1/4 cents higher at the close. KC HRW futures were 9 3/4 to 11 3/4 cents in the green on the day. MPLS spring wheat was 2 ½ to 5 1/2 cents higher on Monday.

Weekly NASS Crop Progress data showed 86% of the US winter wheat crop harvested by Sunday, now matching the normal pace. The spring wheat crop was 98% headed, 1% ahead the 5-year average pace, with 5% of the crop harvested. Spring wheat conditions were up 2% at 55% gd/ex, with the Brugler500 index up 6 points higher to 348.

Quarterly NASS Flower Milling data showed 222.28 mbu of wheat ground for flour from April to June, down just 0.65 mbu from last year and up 0.58 mbu from the previous quarter.

The weekly Export Inspections report showed wheat shipments of 335,313 MT (12.32 mbu) in the week of 7/30. That was a 19.68% drop from the week prior less than half of the same week last year. South Korea was the largest destination of 90,198 MT, with 68,166 MT shipped to Thailand and 57,815 MT to the Philippines. Shipments for the marketing year are now at 2.907 MMT (106.8 mbu) of wheat, which is 27.36% below the same period last year.

A South Korean mill has issued a tender to buy 50,000 MT of US wheat with at Tuesday deadline.

Sep 26 CBOT Wheat  closed at $6.51, up 11 3/4 cents,

Dec 26 CBOT Wheat  closed at $6.69 1/4, up 11 3/4 cents,

Sep 26 KCBT Wheat  closed at $7.17 1/4, up 9 3/4 cents,

Dec 26 KCBT Wheat  closed at $7.34, up 10 1/4 cents,

Sep 26 MIAX Wheat  closed at $6.95, up 5 1/4 cents,

Dec 26 MIAX Wheat  closed at $7.20, up 5 1/2 cents,

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