Wheat is continuing the weakness again on Tuesday morning, with contracts lower across the three markets. The wheat complex was weaker from the Monday morning open to the close, with losses across the three markets. Chicago SRW futures were back down 11 to 13 cents on Monday. Preliminary open interest dropped 9,689 contracts on Monday, with 16,438 contracts out if July. Kansas City HRW contracts were also 11 to 13 cents lower on the day. Preliminary OI was down 903 contracts on Monday with July down 19,005 and September up 14,703 contracts. Minneapolis spring wheat futures were 11 to 13 cents in the red.
The US winter wheat crop was tallied at 88% headed by Sunday, with the average at 86%. Harvest is lagging with just 4% complete, behind 7% via the 5-year average. Ratings were up 2% to 54% gd/ex, as the Brugler500 was up 5 points to 341. Crop Progress data had the spring wheat crop at 82% emerged, and 1% ahead of normal. Conditions improved by another 3% to 53% gd/ex as the Brugler500 was up 7 points to 347.
Export Inspections data showed wheat shipments at 290,957 MT (10.69 mbu) during the week of June 5. That was down 47.52% from the previous week and 17.55% below the same week last year. Of that total, 168,084 MT was for the new marketing year. Mexico was the largest destination of 87,242 MT, with 57,521 MT headed to Japan and another 35,324 MT to Japan.
