Wheats Mostly Higher for Tuesday

Wheat futures are trading mostly higher for Tuesday with the board fractionally to 2 1/2 cents higher into the day session. At the close on Friday, wheat futures were up 9 1/2 to 16 cents. MPLS HRS futures led the way with gains of as much as 1.9%. KC wheat futures were up 1.4% to 1.6% on the day. CBT SRW ended with 1.4% gains across the front months. 

Kansas winter wheat conditions scored a 243 on the Brugler500 index on 3/26. That was down from 246 last week. Texas conditions dropped 15 points to a 250 on the index. In Oklahoma, conditions improved 20 points on the week to a Brugler500 score of 287. 

The weekly Export Inspections report had 392,484 MT of wheat shipments for the week that ended 3/23. That was up 17k from last week and 49k MT from the same week last year. The report showed 36% was HRW and 31% was white wheat. Mexico and China were the week’s top destinations. Accumulated wheat exports were marked at 16.679 MMT as of 3/23, trailing last year’s pace by 220k MT. 

Trade estimates for March 1 US wheat stocks run from 875 million to 1.02 billion bushels. The Q3 implied demand would be 351 mbu if the average is realized, compared to 348 mbu last season. 

New crop acreage is expected to come in at 48.9 million in Friday’s data. Estimates range from 45.7 to 50 million for all wheat, compared to USDA’s Outlook Forum 49.5 figure and 45.7 million last season. 

May 23 CBOT Wheat  closed at $6.98, up 9 1/2 cents, currently up 1 1/2 cents

Jul 23 CBOT Wheat  closed at $7.09 1/2, up 9 1/2 cents, currently up 1 1/4 cents 

Cash SRW Wheat  was $6.42 ½ on Monday, up 9 3/8 cents,

May 23 KCBT Wheat  closed at $8.60 1/4, up 12 1/4 cents, currently up 4 1/2 cents

Cash HRW Wheat  was $8.24 7/8 on Monday, up 12 1/4 cents,

May 23 MGEX Wheat  closed at $8.73 1/2, up 16 cents, currently down 3/4 cents