Wheat Pressure Continues to Monday’s Close

The wheat complex was lower across the three markets on Monday. Chicago SRW contracts are posting losses of 7 to 8 ½ cents on the day. KC HRW futures were 5 ½ to 10 1/2 cents lower at the close. MPLS spring wheat was contracts 4 to 7 ½ cents in the red on the session.

Weekly NASS Crop Progress data showed 76% of winter wheat crop was planted as of Sunday, now lagging the 5 year average for planting pace by 1 percentage point. Emergence was at 53%.

Monday morning’s Export Inspections report showed wheat shipments of 183,824 MT (6.75 mbu) in the week of 10/22. That was down 27.89% from the week prior and 31.87% below the same week last year. Mexico was the largest destination of 71,329 MT, with 61,021 MT shipped to Vietnam and 33,024 MT headed to South Korea. The marketing year total is now 7.419 MMT (272.59 mbu) of shipments, which is now 35.35% below the same period last year.

Dec 26 CBOT Wheat  closed at $6.16, down 9 cents,

Mar 27 CBOT Wheat  closed at $6.29 3/4, down 7 3/4 cents,

Dec 26 KCBT Wheat  closed at $6.59, down 5 1/2 cents,

Mar 27 KCBT Wheat  closed at $6.68 3/4, down 6 cents,

Dec 26 MIAX Wheat  closed at $6.34, down 7 1/2 cents,

Mar 27 MIAX Wheat  closed at $6.51 1/4, down 7 1/4 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.