Wheat Futures Fall Double Digits

Monday’s wheat trade ended with the market near the lows on double digit losses. Chicago prices were 13 3/4 to 16 cents lower at the bell. KC wheat ended the day down by 17 1/2 to 19 cents. Minneapolis spring wheat was 12 3/4 to 14 cents weaker across the front months. 

The Crop Progress report from NASS had 12% of the spring wheat crop planted as of 4/30. That was 10% points behind the average pace. Minnesota has not yet begun, while the state would be typically 16% finished at this time. As for winter wheat, 25% was headed compared to 23% on average. National conditions saw 2% points leave the “fair” category, 1 to “good” and 1 to “very poor”. On net that left the Brugler500 reading at 270. At the state level, NE and IL both saw worse conditions from last week, down 19 points and 13 on the Brugler500 respectively. Most of the other states improved, but by less than 10 points; however SD was up by 32 points to 304. 

Quarterly Flour Milling data from NASS showed 225.36 mbu of wheat was ground for flour during Q1 of 2023. That was 4.91 mbu (2.1%) below Q1 2022’s use. 

The weekly Export Inspections data had 358,273 MT of wheat shipped during the week that ended 4/27. That was a 5.5k contract decline from last week’s volume and compares to 392k MT shipped during the same week last year. HRW exports counted for 157k MT of the total, with HRS making up 106k MT. 

Egypt’s GASC is in the market for wheat with delivery in June-July.  Results are expected on Tuesday. 

May 23 CBOT Wheat  closed at $6.03 3/4, down 16 cents,

Jul 23 CBOT Wheat  closed at $6.18 1/4, down 15 1/2 cents,

Cash SRW Wheat  was $5.58 3/4, down 9 1/2 cents,

Jul 23 KCBT Wheat  closed at $7.57 1/4, down 19 cents,

Cash HRW Wheat  was $7.25 1/1, down 15 cents,

Jul 23 MGEX Wheat  closed at $7.91, down 12 3/4 cents,