Wheat Markets Lower on Monday

After a down day in the grain markets, wheat futures also closed in the red. SRW futures were down the most on Monday, with losses of 4 to 11 cents. HRW futures were 3 to 6 3/4 cents in the red at the closing bell. MPLS spring wheat futures are down 6 1/2 to 7 cents so far. Winter wheat harvest is 68% complete nationally, but finished in AR, TX, and OK. KS wheat harvest still had 5% to go as of the 12th. The weekly update reported spring wheat was 80% headed, which is still 5 ppts behind average. SD spring wheat was 95% headed, compared to their average of 91%. Spring wheat conditions scored a 369 on the Brugler500 index, that was down 5 points wk/wk led by SD which dropped 18 points to 351. The weekly Export Inspections report showed wheat shipments at 624,211 MT, which is up 67% wk/wk and up 79% yr/yr. SRW wheat was the top shipped variety, with 44.9% of the total. China was the top destination for the week’s shipments with 18% of the total. China and Taiwan collectively accounted for 32.5% of the week’s wheat exports. IKAR lowered their most recent Russian wheat forecast to match USDA at 76.5 MMT. Egypt issued an international wheat tender for August delivery.

Sep 20 CBOT Wheat closed at $5.24 3/4, down 9 1/4 cents,

Sep 20 KCBT Wheat closed at $4.49, down 3 cents,

Sep 20 MGEX Wheat closed at $5.18 3/4, down 7 1/2 cents,

--- provided by Brugler Marketing & Management




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