Spring Wheat Futures PricesWed, May 4th, 2016
Latest Brugler Spring Wheat Report
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Wheat futures were down double digits in most contracts today, giving back much of the recent gains. May HRW futures lost 19 cents, and May SRW was down 17 1/4 cents, but May HRS were able to keep their intraday loss to less than a dime. News from the Kansas wheat quality tour is variable, but most yield projections are ranging from 40 to 80 bushels per acre. Early in the tour, the scouts are finding that most of the wheat is headed and some of it is flowering already; also noting lots of mud! The US winter wheat crop was rated 364 on the Brugler500 Index this week, up 5 points from the week before. Conditions in KS improved by a point from the previous week, while TX and OK conditions were up 3 and 5 points respectively. Each of those three states saw improved topsoil moisture as well. Spring wheat plantings in Montana and South Dakota as of Sunday night were up 22 points and 23 points from their respective five year averages. Emergence in those two states was up 14 points and 24 points from average, at 21% and 52% respectively. A Reuters survey shows trade ideas for the Stats Can wheat stocks report averaging 13.8 MMT. That would be down 24% from year ago.
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