Wheat futures begin Wednesday with double digit gains. Chicago wheat had closed 7 1/4 to 8 1/2 cents in the black on Tuesday. The July contract printed a 23 3/4 cent range from -11 3/4c to +12c. The KC wheat market stayed weaker with front month losses of 1 3/4 to 6 cents. Spring wheat futures closed 3 3/4 to 4 1/2 cents lower on the day.
USDA reported winter wheat harvest advanced 7 ppts to 15% complete as of 6/18. The 5-yr average pace is 20%. In Kansas, 8% was cut by 6/18 compared to the 16% average pace. Conditions again improved nationally, led by WA, NE, KS, and IL, to a 304 on the Brugler500 Index. South Dakota ratings dropped by 26 points through the week and AR was down by 19. The spring wheat crop was 10% headed as of 6/18, matching the 5-yr average pace. Spring wheat conditions worsened by 16 points through the week to a 340 on the Brugler500 Index. South Dakota ratings fell 29 points to 296 on heat and dryness.
The delayed Export Inspections report showed 237,820 MT of US wheat was shipped during the week that ended 6/15. That was down 10k MT from last week and by 100k MT from the same week last year. The season’s total wheat shipments reached 556k MT compared to 987k last year.
After instituting an export ban to stabilize prices in 2022, India has sufficient stocks and will allow wheat and rice exports to a limited 4 destinations for the 23/24 crop.
Source: barchart.com
Photo Credit: GettyImages-ygrek
Categories: Kansas, Crops, Wheat