Mostly Weak Wheat Market

Wheat was up again on Monday is mixed into Tuesday’s day trade. The winter wheats are fading, led by KC, while HRS prices are holding fractional to 1 1/2 cent gains. CBT SRW futures ended with 22 to 25 3/4 cent gains. July was 3 cents off the high at the close. HRW futures were up by 21 1/4 to 27 cents on Monday. MGE HRS prices rallied 17 to 27 cents. 

The Kansas Wheat Tour has begun for the 2023 crop year. 

NASS data showed spring wheat planting advanced from 24% to 40% during the week that ended 5/14. That is still 17% points behind the 5-yr average. North Dakota remains notably behind their average pace, at 20% planted compared to 46%. NASS showed spring wheat emergence was 13%, compared to 23% on average. For winter wheat, 49% was headed as of 5/14, compared to 48% on average. Conditions improved nationally to 274 on the Brugler500 scale, though were UNCH at 29% good/ex. Oklahoma wheat conditions improved the most with a 25 point higher Brugler500 reading on the week, now at 238. Kansas only improved 2 points and remains the worst score of the reported states at 209. 

Weekly Export Inspections data showed 242,269 MT of wheat was exported during the week that ended 5/11. That was 18k MT higher wk/wk but was down 107k MT from the same week last year. The full season’s shipment reached 18.7 MMT (687.59 mbu), which is 89% of USDA’s forecast. 

Jul 23 CBOT Wheat  closed at $6.60 3/4, up 25 3/4 cents, currently down 2 1/4 cents

Sep 23 CBOT Wheat  closed at $6.72, up 24 1/2 cents, currently down 1 3/4 cents

Cash SRW Wheat  was $6.01 7/8, up 26 7/8 cents,

Jul 23 KCBT Wheat  closed at $8.98 1/4, up 21 1/4 cents, currently down 5 1/4 cents

Cash HRW Wheat  was $8.67 1/8, up 21 3/8 cents,

Jul 23 MGEX Wheat  closed at $8.73 1/4, up 27 1/4 cents, currently up 1 cents