The wheat complex pulled off the lows into the Monday close, led by the HRW contracts. Kansas City futures closed with the front months fractionally higher and other contracts down 1 to 2 ¾ cents. Chicago contracts were 2 ½ to 9 cents lower, led by July. MPLS spring wheat contracts are headed toward new life of contract lows, as they settled with 3 ¼ to 8 ¾ cent losses.

NASS tallied 97% of the US wheat crop headed, 2% faster than normal. Harvest was listed at 15% faster than the average at 40%, a 13% move on the week. Conditions were up another 3% to 42% gd/ex, with the Brugler500 7 points higher to 342. The spring wheat crop is moving along with the average pace at 18% headed by last Sunday. Crop conditions were weaker, down 5% to 71%, as the Brugler500 was down 6 points to 373.

USDA’s Export Inspections report showed a total of 342,692 MT (12.6 mbu) of wheat shipped during the week that ended on June 20. That was a 16.43% decline from the previous week, but still 67% above the same week last year. Of that total 96,209 MT was headed to Mexico, with 79,123 on its way to Japan and 65,000 MT to Brazil. In the first 3 weeks of the new marketing year, export shipments have tallied 1.05 MMT, 38.3% above the same few weeks last year. 

Delayed Commitment of Traders report showed spec funds increasing their net short by 7,616 contracts to 52,732 as of June 18. In KC wheat futures they added back 12,636 contracts to their net short at 29,044. 

Argus reduced their projection for the Russian wheat crop from their previous release to 79.5 MMT, which is among the lowest of the private estimates that have been released. India began imposing limits on wheat stocks among retailers and processors to keep prices in check and prevent hoarding. They have contemplated removing or reducing the 40% import tax on wheat, but have taken no action so far. 

Jul 24 CBOT Wheat  closed at $5.52 1/2, down 9 cents,

Sep 24 CBOT Wheat  closed at $5.71, down 4 3/4 cents,

Jul 24 KCBT Wheat  closed at $5.81 1/2, up 1/4 cent,

Sep 24 KCBT Wheat  closed at $5.87 1/2, up 1/2 cent,

Jul 24 MGEX Wheat  closed at $6.05 1/4, down 6 1/4 cents,

Sep 24 MGEX Wheat  closed at $6.12 3/4, down 4 1/2 cents,