Wheat futures fell lower across the three exchanges on Monday, pressured by less than bullish USDA data. Chicago SRW futures were 6 to 7 cents in the red on the Monday session. Kansas City HRW futures were facing pressure with contracts closing with 9 to 10 cent losses. Minneapolis spring wheat futures closed the Monday session with losses of 9 to 10 cents.
The weekly Crop Progress update showed the spring wheat at 66% planted by Sunday, which is ahead of the 59% average pace. Emergence was tallied at 27%, 8 percentage points ahead of normal. Winter wheat was listed at 53% headed, faster than the 45% average pace. Conditions were tallied at 54% good/excellent, which was up 3% from the previous week. The Brugler500 index improved 4 points to 338.
Wheat production via the Crop Production report showed winter wheat at 1.382 billion bushel, with HRW at 784 mbu, SRW tallied at 345 mbu and white winter at 253 mbu. All wheat production shown in the WASDE was 1.921 billion bushels above trade estimates.
Old crop US balance sheets tallied the US carryout at 841 mbu, a 5 mbu reduction from last month. New crop was pegged at 923 mbu with the large production figure. For the world stocks, USDA showed a 4.51 MMT increase to 265.21 MMT, with the first release for new crop at 265.73 MMT.
USDA’s Export Inspections report indicated a total of 405,170 (14.88 mbu) of wheat shipped in the week that ended on 5/8. That was down just 1.61% from the previous week but 5.77% above the same week in 2024. The Philippines was the top destination of 127,569 MT, with 83,779 MT headed to Mexico. Marketing year shipments have totaled 20.28 MMT (649.1 mbu), which is up 14.79% compared to the same week last year.
Jul 25 CBOT Wheat closed at $5.15 1/4, down 6 1/2 cents,
Sep 25 CBOT Wheat closed at $5.29 3/4, down 6 3/4 cents,
Jul 25 KCBT Wheat closed at $5.08, down 9 1/2 cents,
Sep 25 KCBT Wheat closed at $5.22 3/4, down 9 cents,
Jul 25 MGEX Wheat closed at $5.84, down 9 1/2 cents,
Sep 25 MGEX Wheat closed at $5.97 1/2, down 9 cents,
