Minneapolis Grain Exchange spring wheat futures ended weaker on Monday, led lower by the September contract amid front-month spreading and seasonal harvest pressure, traders said. But the MGE wheat market came off its lows late when Chicago and Kansas City wheat rebounded. MGE September closed 5-1/4 cents lower at $6.47 per bushel.
December was down 2-1/2 at $6.55 as firms rolled their September long positions into the December contract ahead of first notice day at the end of the month. Also pressuring the September was farmer hedge pressure as the spring wheat harvest rolls ahead. September-December traded as wide as 9 cents on Monday after trading near 6 cents late last week, traders said.
The other months settled 4 cents lower to 5 cents higher. Country Hedging and ADM each sold 200 September and 200 December. Prudential sold 200 Dec, traders said. The US Agriculture Department reported late on Monday that 73 percent of the US spring wheat crop was harvested. Traders expected the government to report harvests 75 to 80 percent complete but this year's pace was still speedier than the five-year average of 54 percent.
The fast harvest rate to this point may limit possible damage or delays from this weekend's rains, some traders said. Strong export demand remains a supportive factor. US Agriculture Department said on Monday that 45.7 million bushels of wheat were inspected for export last week, which was above estimates for 17 million to 23 million.
There was less focus on the financial markets among grain traders on Monday. Wall Street was less volatile, ending 42 points higher after last week's turmoil amid the troubled US supreme mortgage sector.
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