Spring Wheat Futures Market News and Commentary
Wheat futures pulled back from the midday highs on Monday to close the session mixed. HRW futures closed with gains of as much as 2 3/4 cents, but CBT SRW futures ended the day fractionally mixed to 1 1/4 cents lower. Spring wheat futures also closed fractionally mixed after pulling giving back midday gains.
NASS reported 10% of the national winter wheat crop was headed as of 4/18. The 5-yr average is for 14%. In TX specifically, 41% of the crop was headed, but KS wheat has yet to show any reaching that stage. Winter wheat conditions on net were UNCH on the Brugler500 Index at 337. State by state, though, WA and OR conditions worsened for a combined 32 points to 360 and 356 respectively. Spring wheat planting was up 8 ppts on the week to 19% complete. The 5-yr average is to be 12% planted.
NOAA sees a +90% probability of more than 1” of snow accumulation for 4/19 for most of KS, with the forecast limited to 2” for N.E. and Central KS by 4/21. The system i... Read more