The wheat market is stronger so far on the Tuesday session. Chicago SRW contracts are up 12 to 14 cents in the front months. Kansas City HRW futures are 17 to 18 cents in the green so far. MPLS spring wheat futures are 12 to 14 cents higher at midday.
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.
The 7-day QPF from NOAA shows little precip in the Plains over the next week. Much of the crop is starting to head out of dormancy, meaning soil moisture will be at more of a premium. Currently KS subsoil moisture is 22% adequate or surplus, with TX at 30%.
May 23 CBOT Wheat  is at $6.98 1/2, up 14 cents,
Jul 23 CBOT Wheat  is at $7.08 3/4, up 13 1/4 cents,
Cash SRW Wheat  is at $6.46, up 13 3/4 cents,
May 23 KCBT Wheat  is at $8.17 1/2, up 17 cents,
Cash HRW Wheat  is at $7.81, up 17 cents,
May 23 MGEX Wheat  is at $8.46, up 13 1/2 cents,
On the date of publication, Alan Brugler 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.
/A%20Palantir%20sign%20displayed%20on%20an%20office%20building%20by%20Poetra_RH%20via%20Shutterstock.jpg)