The wheat complex held onto gains the closing bell on Tuesday. Chicago SRW futures posted 4 to 5 cent gains across the nearbys at the close. Kansas City HRW futures closed with contracts up 4 to 6 cents across most contracts on Tuesday. Minneapolis spring wheat futures were firm, up 1 to 2 cents.
Rain is making their way out of the Southern Plains this week, looking drier, with the southeast looking at heavier rain totals.
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The weekly Crop Progress update showed spring wheat planting progress in MN was behind average by 2%, with all other states ahead of normal. Winter wheat conditions were tallied at 51% good/excellent, which was up 2% from last year. The Brugler500 index was steady amongst the ratings shift, at 334. Ratings in KS were down 4 points, with NE slipping 7 points and TX 1 point worse. Improvement was noted in CO (+14 points), IL (+9), and OK (+4).
An Oklahoma crop tour by the Oklahoma Wheat commission estimates the states winter wheat crop at 35.9 bushel/acre and production totaling 101.169 million bushels.
Wheat exports in March totaled 1.799 MMT (66.1 mbu) according to Census data, which is a slight 1.94% increase from Feb, but down 14.28% from last year. Marketing shipments have totaled 17.686 MMT (650 mbu), which is 3-year high through March.
EU soft wheat export have totaled 17.81 MMT from July 1 to May 4, which lags the same period a year ago by 9.17 MMT.
May 25 CBOT Wheat closed at $5.19, up 4 3/4 cents,
Jul 25 CBOT Wheat closed at $5.36, up 4 3/4 cents,
May 25 KCBT Wheat closed at $5.24 3/4, up 4 3/4 cents,
Jul 25 KCBT Wheat closed at $5.38, up 5 1/4 cents,
May 25 MGEX Wheat closed at $6.16 1/2, unch,
Jul 25 MGEX Wheat closed at $6.10 1/2, up 1 cent,
On the date of publication, Austin Schroeder did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here.
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