Wheat Futures PricesTue, May 31st, 2016
Open Interest is for the previous day's trading session.
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Wheat futures were sharply lower on the day. The front months for all three major classes have retreated to below where they began the sharp gains posted last Thursday. SRW contracts lost the most today, with July down 17 cents. HRS futures were the firmest, losing about 7 cents in most contracts. The trade was looking for winter wheat condition ratings to show 62% good/excellent (on average), and USDA had them 1 point better at 63%. We have the Brugler500 Index at 366, two points higher than last week.About 84% of the winter wheat crop was headed as of Sunday night, ahead of the 5yr avg of 76% for this week. Spring wheat was shown 88% emerged. The national HRS crop is in relatively great shape with 79% rated good/excellent and a Brugler500 Index rating of 386. The USDA announced export inspections totaled 494,842 MT during the week ending last Thursday. This was up 63.7% from the previous week, and 35.6% larger than the same week during 2015. YTD inspections totaled 20.072 MMT as of May 26, just 2.4% smaller than the 2014/15 marketing year as of that date.
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