Wheat Continue Fall Ahead of Day Off
The wheat complex pushed lower into the close across all three exchanges at on Tuesday. Chicago saw losses of 3 ½ to 9 ½ cents across the board. Kansas City contracts were down 3 ¼ to 6 ½ cents. MPLS spring wheat was down 4 to 7 ½ cents. The markets will be closed on Wednesday in observance of Juneteenth, and the bulls need a day break!
The NASS Crop Progress report showed Kansas harvest pace at 28% complete, 20% ahead of normal. Conditions ratings in KS were up a massive 19 points (likely as the worst of the wheat was taken off first), with OK up 10 and CO seeing a 34 point decline. Spring wheat condition ratings saw 5 of the 6 major states improving, with MN up 18 points and ND 6 higher.
Japan is looking for 84,667 MT of wheat in their weekly tender from Australia, Canada, and the US, with 29,617 MT US specific origin.
Jul 24 CBOT Wheat closed at $5.82, down 9 1/2 cents,
Sep 24 CBOT Wheat closed at $5.99, down 9 cents,
Jul 24 KCBT Wheat closed at $6.00 3/4, down 4 3/4 cents,
Sep 24 KCBT Wheat closed at $6.09 3/4, down 5 3/4 cents,
Jul 24 MGEX Wheat closed at $6.32 3/4, down 5 3/4 cents,
Sep 24 MGEX Wheat closed at $6.40 1/4, down 7 1/4 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.
