Wheat Weakness Continuing on Tuesday
The Monday afternoon Crop Progress report showed the US winter wheat crop at 63% harvested, 1% below the 5-year average pace. The Spring wheat crop was 78% headed, 3% ahead of normal, with conditions up 4% to 54% gd/ex, as the Brugler500 index was up 4 points to 345.
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Export Inspections data showed a total of 438,533 (16.15 mbu) of wheat shipped in the week of 7/10. That is down 15.84% from last week and 29.34% below the same week in 2024. Mexico was the top destination of 162,639 MT, with 65,999 MT headed to the Philippines and 36,121 MT to South Korea. Marketing year shipments are now at 2.283 MMT (83.9 mbu), which is 3.04% below the same period last year.
Over the weekend President Trump announced a 30% tariff on the EU and Mexico starting on August 1. On Monday morning, Trump threatened Russian with secondary tariffs (on Russian trade partners) if there is no deal to end the Russian/Ukraine war in 50 days.
A Taiwan flour mill has issued a tender to buy 89,650 MT of US wheat
Jul 25 CBOT Wheat closed at $5.34, down 6 3/4 cents,
Sep 25 CBOT Wheat closed at $5.41 1/2, down 3 1/2 cents, currently down 5 cents
Jul 25 KCBT Wheat closed at $5.05 3/4, up 1 1/2 cents,
Sep 25 KCBT Wheat closed at $5.23, down 1 1/4 cents, currently down 3 3/4 cents
Jul 25 MGEX Wheat closed at $5.98 1/4,
Sep 25 MGEX Wheat closed at $6.04 3/4, down 10 cents, currently down 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. This article was originally published on Barchart.com
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