Wheat Sees Harvest Pressure from Drier Forecasts

Wheat futures ended the Monday session with most contracts steady to 4 cents lower. The 6-10 day outlook shows below normal precip chances and above normal temps for most of the Plains. NASS showed the winter wheat harvest 47% completed, 14% below normal, with the final condition ratings of the year at 64% gd/ex or 368 on the Brugler500. Spring wheat was shown at 56% headed (73% avg), with conditions improving 3% to 78% gd/ex or 383 (+5) on the Brugler500. All wheat exports were tallied at 609,456 MT during the week of 7/4 in this morning’s Export Inspections report. Russian wheat production forecasts were trimmed 3.4 MMT by SovEcon to 76.6 MMT and 0.8 MMT by IKAR to 78.5 MMT. That is compared to USDA’s 78 MMT in June, with another update coming on Thursday. Egypt’s GASC is tendering for wheat with mid-August Delivery, with the tender to close on Tuesday.

JUL 19 CBOT Wheat closed at $5.16 3/4, down 2 1/2 cents,

JUL 19 KCBT Wheat closed at $4.42, up 3 cents,

JUL 19 MGEX Wheat closed at $5.33 1/4, down 1 cent

--provided by Brugler Marketing & Management

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