Wheat Complex Falls Amid Weak Market Conditions and Declining Exports
The wheat complex experienced weakness on Tuesday, with all three markets declining. The Chicago SRW contracts were down by 11 to 14 cents, while KC HRW futures dropped by 9 1/2 to 11 1/4 cents across the board. MPLS spring wheat was also lower, falling by 5 1/2 to 10 3/4 cents in most contracts.
The release of weekly NASS Crop Progress data showed a slight improvement in spring wheat conditions, with an increase of 2% to 55% good/ex. The Brugler500 index rose 6 points to 348. Ratings for Montana and South Dakota were up 27 points each, while North Dakota slipped 7 points and Minnesota declined by 1 point.
Export data from Census revealed a significant drop in June exports, with 1.473 MMT shipped, an 8.49% decrease from May's total. Despite this, a South Korean mill purchased 50,000 MT of US wheat in a tender overnight.
The CBOT Wheat futures contract for September closed at $6.38 1/2, down 12 1/2 cents, while the December contract closed at $6.57 1/4, down 12 cents. The KCBT Wheat and MIAX Wheat contracts also declined, closing at $7.07 and $6.85 1/2 respectively.