Wheat Markets Expand on Monday Losses

The KC and MPLS futures contracts are 1 to 2 cents lower this morning, while Chicago SRW is down 4 to 5 cents and shedding some of its spread premium. Futures dropped by as much as double digits on the first trade day of the new month. KC wheat was the weakest, with 10 1/4 to 11 3/4 cent losses. SRW futures lost 7 1/4 to 10 1/4 cents in the front months. Spring wheat futures pulled back 5 1/2 to 7 1/2 cents. Winter wheat harvest progressed 4% on the week to 85%; the 5-yr average is 88%. Spring wheat harvest was 5% cut. The average is 10% harvested by August 2. Spring wheat conditions were up 6 points on the Brugler500 index to 378. The weekly Export Inspections report from USDA showed 500,100 MT of wheat shipped on the week ending July 30. That was down 43,900 MT wk/wk, but was 83,933 MT above the same week last year.

--- provided by Brugler Marketing & Management




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