Wheat Futures in U.S. Pull Back From Monday Gains

The wheat market is 3 to 7 cents lower in early Tuesday trading. Funds were going to a larger cash allocation yesterday, which in Chicago’s case meant buying back shorts. Chicago SRW wheat futures were up 4 to 5 ½ cents on the day. Kansas City contracts were 1 to 3 cents in the green. MPLS Spring wheat futures were the strongest, up 2 1/2 to 8 cents at the close on Monday. 

Individual state crop progress reports were released on Monday afternoon, with KS rated at 17% gd/ex (unch) and a Brugler500 score of 239 (+1). Texas ratings were down 2% to 17% gd/ex, with the Brugler500 index at 247, down 2 points.

All wheat exports during the week of March 9th totaled 249,017 MT. Compared to last week that is a 27% drop, and is also 19.05% smaller than the same week last year. The destinations were pretty spread out, with Mexico getting 41,517 MT, 35,155 MT for El Salvador, and 35,034 MT headed to Malaysia. Total inspections YTD are now15.903 MMT, or 2% lower vs. last year.

Saudi Arabia purchased 1.043 MMT in an optional origin tender, with delivery set for July through August. Algeria was also tendering for wheat, with report showing at least 420,000 MT purchased. 

May 23 CBOT Wheat  closed at $6.84 1/2, up 5 1/4 cents, currently down 3 1/4 cents

Jul 23 CBOT Wheat  closed at $6.95 1/2, up 5 1/2 cents, currently down 4 cents

Cash SRW Wheat  was $6.32 3/8 on Monday, up 9 cents,

May 23 KCBT Wheat  closed at $8.00 1/2, up 2 1/4 cents, currently down 1 1/2 cents

Cash HRW Wheat  was $7.64, up 2 1/4 cents,

May 23 MGEX Wheat  closed at $8.32 1/2, up 8 cents, currently down 5 3/4 cents