Wheat Joins The Commodity Losses

The wheat complex joined in on the rest of the commodity losses on Monday.  Chicago SRW contracts were 11 to 18 cents in the red. KC HRW futures closed with 10 to 16 1/4 cent losses on the day. MPLS spring wheat slipped 1 ½ to 9 ¼ cents lower.

Weekly NASS Crop Progress data showed 81% of the US winter wheat crop harvested by Sunday, 2% ahead of normal. The spring wheat crop was 92% headed, 1% behind the 5-year average pace, with 2% of the crop harvested. Spring wheat conditions were steady at 53% gd/ex, with the Brugler500 index another 3 points lower to 342.

Monday morning’s Export Inspections report showed wheat shipments of 394,785 MT (14.51 mbu) in the week of 7/23. That was up 71.82% from the week prior and 36.01% above the same week last year. Bangladesh was the largest destination of 58,341 MT, with 56,444 MT shipped to Japan and 54,407 MT to Mexico. The marketing year total is now 2.543 MMT (93.4 mbu) of shipments, which is now 23.21% below the same period last year.

Sep 26 CBOT Wheat  closed at $6.60, down 18 cents,

Dec 26 CBOT Wheat  closed at $6.77 1/2, down 18 cents,

Sep 26 KCBT Wheat  closed at $7.29, down 16 1/4 cents,

Dec 26 KCBT Wheat  closed at $7.45 1/2, down 16 cents,

Sep 26 MIAX Wheat  closed at $7.06 1/4, down 8 cents,

Dec 26 MIAX Wheat  closed at $7.29 1/2, down 9 1/4 cents,

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