The wheat market is experiencing significant declines on Tuesday, with Chicago SRW wheat down 15 to 16 cents, KC HRW down 13 to 14 cents, and MPLS spring wheat down 5 to 6 cents. As of June 15, the USDA reported that winter wheat is 96% headed, with harvest progress reaching only 19%, lagging behind the 28% average. Condition ratings dropped 3% to 49% good/excellent, resulting in a 4-point decline on the Brugler500 index to 330.
The spring wheat crop is 17% headed, slightly behind the 18% average, with condition ratings also down 3% to 54%. A delayed Commitment of Traders report from the CFTC indicated a decrease in Chicago wheat spec traders’ net short position by 12,658 contracts to 81,353 contracts as of last Tuesday. The EU Commission reported soft wheat exports at 19.93 MMT for the marketing year, significantly lower than the 30.53 MMT from the same period last year.
Currently, Jul 25 CBOT Wheat is priced at $5.37 (down 15 3/4 cents), Sep 25 CBOT Wheat at $5.53 1/2 (down 16 cents), Jul 25 KCBT Wheat at $5.36 3/4 (down 13 1/4 cents), and Jul 25 MGEX Wheat at $6.21 3/4 (down 5 cents).
