Wheat Getting an Early Start to a Tuesday Rally

Wheat is in rally mode early on Tuesday, as contracts are up 8 to 15 cents across the three markets. The wheat complex saw strength across most contracts on Monday. Chicago SRW futures were 11 1/2 to 13 1/4 cents higher on the day.  Open interest was down 676 contract suggesting a rotation on ownership. KC HRW futures were 5 1/2 to 8 1/4 cents in the green at the close. MPLS spring wheat were steady to 1 ¾ cents higher.

Export Inspections data showed wheat at 365,156 MT (13.42 mbu) shipped in the week that ended on April 23. That was down 29.53% from last week and 43.84% below the same week last year. The Philippines was the top destination of 84,898 MT, with 84,134 MT to Japan and 54.999 MT to South Korea. Marketing year shipments have totaled 21.856 MMT (716.56 mbu), which is down 24.7% yr/yr.

Crop Progress data showed the US spring wheat crop at 19% planted, now 3 percentage points behind the pace from the last 5 years (22%). Emergence was pegged at 5%. The winter wheat crop was at 34% headed, which was 13 percentage points head of normal. Condition ratings were unchanged 30%, though the Brugler500 index was down 3 points to 287 on a 2% drop out of fair to poor (+1%) and very poor (+1%).

Saudi Arabia purchased a total of 985,000 MT of wheat purchased in their tender overnight. 

May 26 CBOT Wheat  closed at $6.21 1/2, up 13 1/4 cents, currently up 10 1/2 cents

Jul 26 CBOT Wheat  closed at $6.29 3/4, up 13 cents, currently up 10 1/2 cents

May 26 KCBT Wheat  closed at $6.67 1/4, up 8 1/4 cents, currently up 12 1/2 cents

Jul 26 KCBT Wheat  closed at $6.75 1/4, up 5 1/2 cents, currently up 14 3/4 cents

May 26 MIAX Wheat  closed at $6.76, unch, currently up 10 cents

Jul 26 MIAX Wheat  closed at $6.95 1/2, up 1 1/4 cents, currently up 8 3/4 cents