Wheat futures are trading with mixed action on Tuesday, as contracts are trying to hold some strength. Chicago SRW futures are up 1 to 2 cents at midday. Kansas City HRW contracts are showing slight losses. MPLS spring wheat is posting 1 to 3 cent gains.
Actual Census data showed US wheat exports at 1.47 MMT (53.87 mbu) during June, to kick off the marketing year. That was 27.56% more than June 2023, but was still the second lowest for the month in the last 20 years. It was also down 7.76% from May
Crop Progress data showed 88% of the US winter wheat crop now harvested, 6 percentage points above last week and above the 86% 5-year average pace. The spring wheat crop was 97% headed 2% below normal, with harvest now 6% complete vs. the 10% average pace. Condition ratings were unchanged at 74% gd/ex, with 1% shifting from poor to very poor and taking the Brugler500 index down point to 380. Ratings in WA saw a 30 point drop on the Brugler500 index, a MT was 9 points lower and ND lost 3. Ratings in MN and SD were up 9 points, with ID 10 points improved.
Egypt’s GASC is looking for wheat in a tender that is set to close on August 12. Delivery periods are set from October to April and a maximum of 3.8 MMT of wheat to be purchased. Japan’s Ministry of Ag is setting their weekly tender for Thursday and 83,445 MT of wheat sought from the US, Canada, and Australia, with 22,615 MT US specific.
Sep 24 CBOT Wheat is at $5.41, up 1 1/2 cents,
Dec 24 CBOT Wheat is at $5.64 3/4, up 1 1/2 cents,
Sep 24 KCBT Wheat is at $5.58 1/2, down 1 3/4 cents,
Dec 24 KCBT Wheat is at $5.75 1/2, down 1 1/4 cents,
Sep 24 MGEX Wheat is at $5.90 1/4, up 2 3/4 cents,
Dec 24 MGEX Wheat is at $6.09 3/4, up 1 1/2 cents,
On the date of publication, Alan Brugler 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.