Wheat Losses Pushing to Tuesday

Wheat and stormy sky by Marcin Kempa via Unsplash
Wheat is trading with losses across the three markets on Tuesday morning. The wheat complex fell on Monday, coming out of the long weekend on a sour note. Chicago SRW wheat was down 8 to 9 cents. Preliminary open interest rose 7,821 contracts on Monday. KC HRW contracts posted 8 to 10 cent losses on Monday. There were 8 deliveries issued for July KC wheat overnight. MPLS spring wheat was 9 to 10 cents lower to kick off the week.USDA’s Crop Progress data showed the US winter wheat crop at 53% harvested, behind the 53% average. Conditions were unchanged at 48% gd/ex as the Brugler 500 index was up 2 points to 331. The spring wheat crop was 61% headed, ahead of the 58% average. Spring wheat conditions were down 3% to 48% gd/ex, with the Brugler500 index down 8 to 337.Export Inspections data showed 436,628 MT (16.04 mbu) of wheat shipped in the week that ended on July 3, which was down 8.38% from the week prior, but still up 27.16% from the same week last year. Mexico was the top destination of 71,753 MT, with 63,265 MT headed to Brazil. Marketing year shipments have totaled 1.758 MMT (64.6 mbu) since June 1, 1.5% larger yr/yr.President Trump released a statement later on Monday raising tariffs on goods from South Korea and Japan to 25%.The delayed Commitment of Traders report showed a total of 1,596 contracts trimmed from the Chicago Spec Fund net short position by July 1 to 63,071 contracts. In KC wheat, they cut 1,114 contracts from their once record net short to 42,348 contracts.Jul 25 CBOT Wheat  closed at $5.39 3/4, down 8 cents, currently unch Sep 25 CBOT Wheat  closed at $5.48 1/2, down 8 1/4 cents, currently down 3 1/2 centsJul 25 KCBT Wheat  closed at $5.08 1/2, down 9 1/2 cents, currently unchSep 25 KCBT Wheat  closed at $5.27 1/2, down 8 1/2 cents, currently down 5 centsJul 25 MGEX Wheat  closed at $6.20 3/4, down 9 1/4 cents, currently unchSep 25 MGEX Wheat  closed at $6.37 1/4, down 10 cents, currently down 4 3/4 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.