Wheat Rally Extending to Fresh Highs on Tuesday

The wheat complex is trading with contracts double digits higher across the three exchanges. Chicago SRW futures are 20 to 23 cents higher so far on Tuesday. KC HRW futures are up 20 to 25 ½ cents in the nearbys. MPLS spring wheat is showing 13 to 15 cent gains in the front months.

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%). Planting progress in MN was 10 percentage points behind normal, with ND lagging by 6% and SD 1 back of normal. 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%). The only of the 18 states reported to see any improvement on the Brugler500 index was AR (+35), IL (+2) IN (+1), and OK (+1). Sharp drops were noted in CO (-13), MT (-18), NE (-26), NC (-16), and OR (-19), with KS slipping 2 points and TX down 3. An average of the main HRW states was 244, which was the second lowest for the week going back to 2000.

The EU soft wheat exports from July 1 to April 24 were tallied at 19.28 MMT, up 1.18 MMT from the same period last year, according to the European Commission. 

May 26 CBOT Wheat  is at $6.42 1/4, up 20 3/4 cents,

Jul 26 CBOT Wheat  is at $6.52, up 22 1/4 cents,

May 26 KCBT Wheat  is at $6.92 3/4, up 25 1/2 cents,

Jul 26 KCBT Wheat  is at $6.95 1/2, up 20 1/4 cents,

May 26 MIAX Wheat  is at $6.91, up 15 cents,

Jul 26 MIAX Wheat  is at $7.07 1/2, up 13 cents,