CBOT wheat gains strength on demand ahead of USDA report

Jul 29, 202419:21 UTC

Chicago Board of Trade wheat futures firmed on Monday as export inspections data in the U.S. showed signs of strong demand and traders awaited the results of the U.S. Department of Agriculture's weekly crop progress and condition update.

CBOT September soft red winter wheat (WU24) ended up 7-1/2 cents at $5.31 per bushel.
September K.C. hard red winter wheat (KWU24) settled 8 cents higher at $5.53-1/2 per bushel and MGEX September spring wheat (MWEU24) finished up 3 cents at $5.91-1/2 a bushel.
The USDA reported wheat inspections for the week ending July 25 at 431,233 metric tons, compared to 237,965 metric tons the previous week.
Freezing temperatures in Argentina's main agricultural region aggravated the condition of the 2024/25 wheat crop, which is already suffering from the impact of a major drought, the Rosario grains exchange said in a report.
An estimated 50% of French soft wheat was in good or excellent condition by July 22, down from 52% a week earlier and 78% a year ago, farm office FranceAgriMer said in cereal crop data.
U.S. grain producers face strong competition for global export sales from the Black Sea region. Traders are keeping an eye on heat and dryness in Ukraine, a major wheat and corn producer.
Russian wheat export prices were largely unchanged last week, and analysts say that prices have reached the bottom as farmers are reluctant to sell due to a sharp fall in profitability.