Wheat is extending weaker on Tuesday, despite weaker than expected conditions reported by NASS on Tuesday. The wheat complex was mostly lower on Monday across the three markets. Chicago SRW futures were mixed, with front months down 1 to 3 cents and back months higher. Open interest rose 4,202 contracts. KC HRW futures saw nearby losses of 2 ¾ to 7 ½ cents at the close. MPLS spring wheat was 1 ¼ to 2 ¼ cents in the res on the day.Â
The next week looks a little wetter for parts of the Southern Plains, with parts of Central Texas through the panhandle and up through parts of Nebraska are seen with nearly 1 inch of precip.Â
Crop Progress data indicated 7% of the US winter wheat crop headed, ahead of the 5% 5-year average. The first condition rating for the year pegged the crop at 35% good/excellent, well below the average 42% estimate from analysts. That was shy of the 48% to start last year. The Brugler500 index (100-500 weighted scale) was at 298 points, which was 30 points below the start of last year. That was the 7th lowest start to the crop since 1990. The first Crop Progress report of the year showed the spring wheat crop at 2% planted, behind the 2% average pace.Â
Export Inspections data showed wheat at 334,106 MT (12.27 mbu) shipped in the week that ended on April 2. That was down 13.5% from last week, and 0.38% below the same week last year. Mexico was the top destination of 273,703 MT, with 57,763 MT to Indonesia and 55,000 MT to South Korea. Marketing year shipments have totaled 17.73 MMT (651.4 bbu), which is down 16.6% yr/yr.
Argus estimates the Russian wheat crop at 88.7 MMT, an increase of 1.2 MMT from their previous number.Â
May 26 CBOT Wheat  closed at $5.95 1/4, down 3 cents, currently down 3 1/2 cents
Jul 26 CBOT Wheat  closed at $6.06 1/2, down 3 cents, currently down 3 3/4 cents
May 26 KCBT Wheat  closed at $6.08 1/4, down 7 1/2 cents, currently down 4 3/4 cents
Jul 26 KCBT Wheat  closed at $6.23 3/4, down 7 1/4 cents, currently down 4 1/4 cents
May 26 MIAX Wheat  closed at $6.45 1/2, down 2 1/4 cents, currently down 2 3/4 cents
Jul 26 MIAX Wheat  closed at $6.59 3/4, down 1 3/4 cents, currently down 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.
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