Wheat Facing Double Digit Weakness
Wheat is falling out of the weekend, with contracts down double digits on Monday. CBT wheat is down 13 to 15 cents at midday. KC HRW contracts are 12 to 13 cents in the red. MPLS spring wheat is down 13 to 15 cents.
This morning’s Export Inspections report showed a total of 254,782 MT of wheat shipped in the week of 6/19. That is down 34.44% from last week and 26.08% below the same week in 2024. Japan was the top destination of 80,169 MT, with 65,970 MT headed to Mexico. Marketing year shipments are now at 844,686 MT, which is 19.82% lower than the same short period last year.
USDA will release weekly Crop Progress data this afternoon, with spring wheat conditions seen steady at 57% good/excellent and winter wheat unchanged at 52%. Harvest is expected to be 21% complete.
Russia’s wheat crop is expected to total 84.8 MMT this year, according to Argus, up 4.5 MMT from their previous estimate.
Jul 25 CBOT Wheat is at $5.53 1/4, down 14 1/2 cents,
Sep 25 CBOT Wheat is at $5.70 1/4, down 13 1/4 cents,
Jul 25 KCBT Wheat is at $5.51 1/4, down 12 cents,
Sep 25 KCBT Wheat is at $5.65 3/4, down 13 cents,
Jul 25 MGEX Wheat is at $6.24 1/2, down 14 1/4 cents,
Sep 25 MGEX Wheat is at $6.43 1/4, down 13 1/2 cents,
On the date of publication, Austin Schroeder 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.