Wheat Futures Closed Monday Mixed

Wheat is trading mostly lower this morning, led by 10c losses in SRW. Chicago SRW futures bled lower while the hard red markets gained to start the week. Front month KC wheat led the way with 0.76% to 1.35% gains. MGE wheat was up by 0.4% to 0.9% at the close. The nearby SRW futures were down by 0.5% to 0.95% on Monday. 

Analysts estimate the USDA will raise the old crop wheat carryout by 4.3 mbu on average to 602.3. Estimates range from a 13 mbu cut to a 24 mbu looser ending stocks. New crop wheat stocks are estimated at 607.7 mbu on average. 

The weekly Crop Progress report showed MN began planting spring wheat, now 7% done compared to 34% on average. Nationally, 24% of the new crop was planted by 5/7, up 12 ppts for the week and 14 ppts behind the average pace. NASS marked 5% of the spring wheat crop as emerged compared to 11% on average. The weekly update showed 38% of the winter wheat crop was headed, 3% points ahead of the 5-yr average pace. Winter wheat conditions were 29% good/ex, or 269 on the Brugler500 Index. That was down 1 point from last week, though improvements were seen in the SRW and white wheat areas. 

Export Inspections data showed 209,138 MT of US wheat shipments for the week that ended 5/4. That was down from 358k MT last week and from 263k MT during the same week last year. HRW exports made up more than half of the total. The full season’s total reached 18.5 MMT through 5/4, compared to 19.03 MMT last year. The marketing year ends May 31. 

May 23 CBOT Wheat  closed at $6.41, down 6 cents, currently down 6 cents

Jul 23 CBOT Wheat  closed at $6.54, down 6 1/4 cents, currently down 10 1/2 cents

Cash SRW Wheat  was $5.93 1/1, down 6 cents,

Jul 23 KCBT Wheat  closed at $8.44 1/4, up 11 1/4 cents, currently down 4 cents

Cash HRW Wheat  was $8.14 1/1, up 11 1/4 cents,

Jul 23 MGEX Wheat  closed at $8.43 3/4, up 7 3/4 cents, currently down 1 1/2 cents