Wheats Red for Tuesday

Wheat prices are red into Tuesday’s day session across the front months. The front month wheat futures bounced to start the week. Chicago wheat ended the day with 2 1/2 to 3 3/4 cent gains across the front months. March SRW saw a 19 cent range for the day. KC HRW prices were up by 4 1/2 to 6 cents on the day. Nearby spring wheat futures closed Monday UNCH to 5 1/4 cents higher. 

Crop Progress data from Kansas had statewide winter wheat conditions in KS as 21% good/ex for a 256 on the Brugler500 Index. That was up from their prior 249 reading. In TX, conditions fell on the Brugler500 index from 252 to 237, despite the good/ex score increasing 3 points to 14%. IL issued their statewide summary, with winter wheat conditions (SRW) converting to a 376 on the Brugler500 Index. 

The NWS 6-10 and 8-14 day forecasts have above normal odds for precip in the HRW and SRW growing areas. Snow is helpful, rain adds up faster but will run off if the ground is still frozen underneath. 

Weekly inspections data had 445,433 MT of wheat shipments for the week that ended 1/26. That was a weekly increase of 96,040 MT and was up by 67k MT from the same week last year. USDA showed nearly half of the total was spring wheat followed by 117k MT of HRW. Japan was the top destination. The weekly report had 13.222 MMT of wheat shipments for the season through 1/26, compared to 13.616 MMT last year. 

Mar 23 CBOT Wheat  closed at $7.52 1/2, up 2 1/2 cents, currently down 8 cents

May 23 CBOT Wheat  closed at $7.62, up 3 1/4 cents, currently down 7 1/2 cents

Cash SRW Wheat  was $6.98 ¼ on Monday, up 2 3/8 cents,

Mar 23 KCBT Wheat  closed at $8.73 3/4, up 4 1/2 cents, currently down 8 3/4 cents

Cash HRW Wheat  was $8.37 7/8 on Monday, up 2 3/4 cents,

Mar 23 MGEX Wheat  closed at $9.21 1/2, unch, currently down 8 1/4 cents