Year: 2017

Indicating that 80% of the US winter wheat crop was headed. Individual state data showed TX was 22% harvested, vs. the average of 15% for this date. Winter wheat conditions were down 2% g/e to 50%, but only lost 1 point on the Brugler500 index to 340. Spring wheat is 96% planted and 79% is emerged, with both now ahead of their 5-year averages but behind last year. The crop is rated 62% g/e, vs. last year at 79%.

Lower on technical selling and profit-taking after Friday 1.7 percent climb in the CBOT July contract, and spillover weakness from corn. Traders continue to monitor unfavorably wet conditions this month in the southern U.S. Plains and Midwest winter wheat regions. CBOT July soft red winter wheat was last down 3 cents at $4.35-1/4 per bushel, K.C. July hard red winter wheat last down 3-3/4 cents at $4.33-3/4 and MGEX July spring wheat last down 1-1/2 cents at $5.67-1/4.

The latest government update shows a quarter of the winter wheat crop in Kansas is in poor to very poor condition. 30 percent of the state wheat is rated in fair condition. About 38 percent is in good and 7 percent in excellent condition. Wheat coloring is at 39 percent. Hail in northwestern Kansas has damaged some wheat and recently planted spring crops. The southern half of the state was mostly dry this past week while areas in the north got up to two inches of rain.

Overall, the Centre has procured 29.7 million tonne wheat across the country, up 29.6% on year but short of its initial target of 33 million tonne. In Uttar Pradesh, the largest wheat producing state, the the government has procured 2.7 million tonne wheat, close to target of 3.0 million tonne. In Punjab, the government has crossed the target of 11.5 million tonne and as of Monday, the procurement was at 11.7 million tonne, up 9.9% from a year ago. The government has procured 7.4 million tonne wheat in Haryana, up 10.1% on year, almost achieving the target of 7.5 million tonne.

In Indore, good-quality grain was sold down 5-10 rupees per 100 kg, while mill-quality wheat down 5-10 rupees per 100 kg. Now that government buying has stopped, farmers are bound to bring even the superior quality wheat to markets, leading to rise in supply. So, there is a steeper fall in superior quality wheat. The government has bought nearly 6.7 million tonne wheat from Madhya Pradesh. As of now, the government had no plans to extend the procurement scheme.