The wheat complex is showing weakness on Tuesday. Chicago SRW futures are trading with fractional to 1 ¼ cent losses at midday. Kansas City HRW contracts are slipping back by 2 to 4 cents on Tuesday. MPLS spring wheat is 2 to 3 cents in the red at midday.
Monday’s Crop Progress report showed a total of 17% of the spring wheat crop planted, ahead of the 12% 5-year average pace. Just MN and WA were reported below average. Emergence was tallied at 2%, matching normal.
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The US winter wheat crop was listed at 15% headed as of April 20, 2 percentage points ahead of normal. Winter wheat ratings were down 2% to 45% good/excellent, as the Brugler500 index was down 4 points to 325.
EU Commission data showed a total of 16.76 MMT of soft wheat imports from July 1 to April 20, well above the 14.9 MMT from last year.
USDA’s Export Inspections report indicated a total of 510,250 MT (18.75 mbu) of wheat shipped in the week that ended on 4/17. Marketing year shipments have totaled 18.81 MMT (691.24 mbu), which is up 14.43% compared to the same week last year.
May 25 CBOT Wheat is at $5.37 1/4, down 1 1/4 cents,
Jul 25 CBOT Wheat is at $5.52, down 1/4 cent,
May 25 KCBT Wheat is at $5.48 3/4, down 2 cents,
Jul 25 KCBT Wheat is at $5.60 1/4, down 3 1/2 cents,
May 25 MGEX Wheat is at $5.97 1/2, down 2 1/2 cents,
Jul 25 MGEX Wheat is at $6.11 3/4, down 2 1/4 cents,
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.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
