Spring Wheat Futures PricesMon, Mar 30th, 2015
Latest Brugler Spring Wheat Report
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Wheat futures show strong gains, with Minneapolis up less than 16 cents and the other two contracts up almost a quarter. The enthusiasm is mostly spec buying tied to a weekend article in Barrons about how tight stocks will be in 2015/16 as a % of the quantity usually in global trade (rather than the more conventional % of use). The weekly export inspections in the USDA report this morning were lousy, coming in about 40% smaller than the previous week. The weekly state crop reports show creeping maturity, and some stress. In Oklahoma, where little rain fell, winter wheat jointing reached 38% by Sunday, up 11 points from the previous year and down 5 points from normal. Nebraska is rated 29% poor or very poor, with 34% good or excellent. The Kansas crop is rated 17% poor/very poor 42% fair and 41% good/excellent. In Texas, warm weather caused winter wheat to continue to progress in development and in South Texas, it is entering heading. Wheat is rated 10% excellent, 45% good, 35% fair and 10% poor or very poor.
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