The wheat market is extending the weak spot into Tuesday’s noon, with double digit losses throughout the winter wheat contracts. Chicago SRW wheat is down 15 to 16 cents. KC HRW contracts are 13 to 14 cents within the pink. MPLS spring wheat is down 5 to six cents.
After the Monday shut the weekly crop progress replace from USDA confirmed winter wheat at 96% headed as of June fifteenth. Harvest has been sluggish, progressing 9 factors to 19% full as of Sunday, behind the 28% common. The forecast does present a gap over the following week to assist dry issues out. NASS pegged situation rankings at 49% good/glorious, down 3% from final week. That equates to a 4 level drop on the Brugler500 index, to 330 factors. Simply AR (+8), OH (+1), OR (+3) and SD (+1) had been bettering. Rankings in CO fell 31 factors, with NC and OK down 15, and KS down 9 factors.
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The spring wheat crop was tallied at 17% headed by Sunday, lagging the 18% common tempo. Situation rankings for the crop had been down 3 p.c to 54% good to glorious. That was an 11 level drop on the Brugler500 index to 341. The entire 6 states had been reported with decrease rankings, as MN fell 30, SD down 16, and WA down 6.
A delayed Dedication of Merchants report from CFTC confirmed Chicago wheat spec merchants reducing their giant web quick place by 12,658 contracts to a web wanting 81,353 contracts as of final Tuesday. By June seventeenth, Kansas Metropolis wheat speculators had coated 12,813 contracts of their giant web quick place to 62,151 contracts.
The EU Fee has mushy wheat exports at 19.93 MMT from July 1 to June 22, practically the total advertising and marketing yr, nicely beneath the 30.53 MMT from the identical interval final yr.
Jul 25 CBOT Wheat is at $5.37, down 15 3/4 cents,
Sep 25 CBOT Wheat is at $5.53 1/2, down 16 cents,
Jul 25 KCBT Wheat is at $5.36 3/4, down 13 1/4 cents,
Sep 25 KCBT Wheat is at $5.51, down 14 cents,
Jul 25 MGEX Wheat is at $6.21 3/4, down 5 cents,
Sep 25 MGEX Wheat is at $6.39 3/4, down 5 1/2 cents,
On the date of publication,
Austin Schroeder
didn’t have (both immediately or not directly) positions in any of the securities talked about on this article. All info and knowledge on this article is solely for informational functions.
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