Wheat prices are near their overnight highs this morning with fractional to 5 cent gains across the classes. Â The wheat market traded lower on Monday in all three US markets. 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.Â
State level crop progress data showed KS wheat improved 7 points from last week on the Brugler500 index to 246. The western part of the state still faces drought concerns. 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 for this date. State condition ratings for wheat improved from 247 last week to 265 on the Brugler500 index.Â
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.Â
The Ukrainian Ag Ministry reported the spring planting season has begun, earlier than normal, with 26k HA of spring wheat already planted.Â
May 23 CBOT Wheat  closed at $7.00 3/4, down 9 3/4 cents, currently up 1/2 cent
Jul 23 CBOT Wheat  closed at $7.08 1/2, down 11 cents, currently up 1 1/4 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, currently up 5 1/2 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, currently up 4 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.
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