Wheat Continued Lower

The wheat market traded lower again on Monday to start the week. Chicago futures ended the session 9 3/4 to 13 1/2 cents lower. KC wheat futures settled the day down by 6 to 8 cents. MGE spring wheat futures were 7 3/4 to 9 1/2 cents lower across the front months. Monday Oats Futures Prices  were 5 to 7 3/4 cents higher at the bell. 

USDA’s weekly Crop Progress data showed KS wheat improved 7 points from last week on the Brugler500 scale to 246. In OK conditions were down by 1 point to 267 with 22% of winter wheat in the jointing stage. That is up from 11% last year but close to the 5-yr average. Winter wheat was 22% headed in TX, which is ahead of the 12% average pace. State condition ratings for wheat improved from 247 last week to 265 on the Brugler500 index. 

USDA’s weekly Export Inspections report showed 374k MT of wheat was shipped during the week that ended 3/16. That was up from 257k MT last week and from 335k MT during the same week last year. 

The Black Sea Export Corridor agreement was renewed over the weekend. Russia indicated that they only intend to honor the corridor for 60 days - despite the deal having been set to automatically renew for 120 days. China’s president Xi Jinping is in Russia meeting with Putin, marking both the first visit to Russia since the invasion and Xi’s first foreign visit since his 3rd term reelection. Some bilateral agreements are expected to be signed on Tuesday. 

The Ukrainian Ag Ministry reported the spring planting season has begun, earlier than normal, with 26k HA of spring wheat already planted. 

May 23 CBOT Wheat  closed at $7.00 3/4, down 9 3/4 cents,

Jul 23 CBOT Wheat  closed at $7.08 1/2, down 11 cents,

Cash SRW Wheat  was $6.49 3/4, down 9 7/8 cents,

May 23 KCBT Wheat  closed at $8.29 3/4, down 6 cents,

Cash HRW Wheat  was $7.91 1/8, down 6 1/8 cents,

May 23 MGEX Wheat  closed at $8.51 1/2, down 9 1/4 cents,