Wheat Morning Update

Wheat Morning Update

GLOBEX Snapshot
Contract Last Net Change High Low Volume
ZWN19 544 6 545 536.75 4514
ZWU19 548.25 5.75 549 540.5 9188
ZWZ19 557 4.5 557.75 550.75 2150
ZWH20 566.25 4 566.5 560.5 461
KEN19 470.25 4.75 470.25 465.75 1274
KEU19 483.25 5.75 483.5 477.75 2363
KEZ19 505 6 505 499.25 764
MWEN19 550 6.5 550 543.5 123
MWEU19 559 5.75 560 553.25 322
MWEZ19 573 6 573 567.25 118

QT News - Top News
-- Weekly EU data Monday showed +28,000 mt of soft Wheat exports in the latest reporting period ending June 23, brings the 18/19 MY to date total 20.037 mln mt. For comparison the 17/18 MY exports were 20.803 mln mt.
-- Weekly EU data Monday showed +29,000 mt Barley exports in the latest reporting period ending June 23, brings the 18/19 MY to date total 4.305 mln mt. For comparison the 17/18 MY exports were 5.618 mln mt.

Weekly USDA Progress/Conditions Recap
-- USDA Monday weekly crop progress report showed Winter Wheat Headed progress at 94% complete compared to last week's 89% and year ago week 98%
-- USDA Monday weekly crop progress report showed Winter Wheat Harvested progress at 15% complete compared to last week's 8% and year ago week 39%
-- USDA Monday weekly crop conditions report showed Winter Wheat 61% good to excellent, 28% fair, 11% poor to very poor versus last week's 64% good to excellent, 27% fair, 9% poor to very poor
-- USDA Monday weekly crop progress report showed Spring Wheat Headed progress at 7% complete compared to last week's 2% and year ago week 30%
-- USDA Monday weekly crop conditions report showed Spring Wheat 75% good to excellent, 22% fair, 3% poor to very poor versus last week's 77% good to excellent, 21% fair, 2% poor to very poor

Stats Canada Estimates
-- Ahead of Wednesday's Stats Canada 2019 planting estimate report, analysts are forecasting All Wheat acres at 25.7 mln, that compares to the 25.67 mln acres in the April report and 2018 crop at 24.73 mln acres.
-- Ahead of Wednesday's Stats Canada 2019 planting estimate report, analysts are forecasting Durum Wheat acres at 5.1 mln, that compares to the 5.02 mln acres in the April report and 2018 crop at 6.19 mln acres.

USDA Acres and Quarterly Stockpile Estimates
-- Analysts ahead of this Friday's USDA acreage report analysts are expecting US Wheat planted acres at 45.5 mln, that compares to the USDA March projection at 45.75 mln acres. The data will be released Friday, June 28 at 11:00 am CDT.
-- Analysts are projecting US quarterly grain stocks report this Friday to show US wheat stocks as of June 1 at 1.090 bln bushels, on the year ago date stockpiles were 1.099 bln bu. The data will be released at 11:00 am CDT, Friday June 28th.

PENDING TENDERS
-- Pending Tender: On Monday, Jordan's state grain buyer announced June 26th as offer deadline in a tender seeking 120,000 mt of optional origin mill grade wheat.
-- Pending Tender: Grain trade sources Thursday reported 25,000 mt of mill grade Wheat is sought by Jordan's state run Silos & Supply company, offers are due July 1.

-- Euronext Paris Sept mill wheat futures on Tuesday are trading +0.50 euro higher at 184.25 euros/mt
-- Outside markets. Crude Oil off -22c @ $57.69; Gold up +$14.00 @ $1432.20; Silver up +4.4c @ $15.505; US $ index up +4.8c @ $95.53


QT News Cash Markets
Bean Barge Corn Barge SRW Barge HRW Track Ill Riv Frt
12 pro 11 pro
Jun +75/?? N +60/72 N +85/95 N +167/173 N +127/135 N 450/???
Jly +48/55 N +50/55 N +75/85 N +165/173 N +116/126 N 435/450
Aug +41/47 Q +42/46 U +70/77 U +152/160 U +113/120 U 400/410

Hi-pro meal Soy oil
Chicago -30 N +11 N +20 N
Toledo -20 N +26 N +25 N
Dec ILL -15 N +20 N -14 N -00 N

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