Wheat futures fell on Monday, with Chicago SRW contracts down 7 to 8 cents, Kansas City HRW down 4 to 5 cents, and Minneapolis spring wheat down 9 to 12 cents. As of June 15th, USDA reported that 93% of winter wheat is headed, slightly ahead of normal, but the harvest is only 10% complete compared to the 16% average. Condition ratings dropped to 52% good/excellent, equating to a 7-point decline on the Brugler500 index to 334 points.
Weekly export inspections for wheat were recorded at 388,752 MT (14.28 million bushels) for the week ending June 12, an increase of 19.91% from the prior week but 5.54% below the same week last year. Notably, Nigeria received 75,721 MT, the Philippines 66,000 MT, and Thailand 55,824 MT.
Closing prices included: Jul 25 CBOT Wheat at $5.36 1/2 (down 7 1/4 cents), Sep 25 CBOT Wheat at $5.52 1/4 (down 7 cents), Jul 25 KCBT Wheat at $5.36 (down 4 3/4 cents), and Jul 25 MGEX Wheat at $6.22 3/4 (down 11 1/2 cents).
