Wheat Market Mostly Bleeding Lower

Spring wheat futures are up by 4 1/2 to 5 1/2 cents at midday. KC futures are fractionally mixed so far through midday. Chicago wheat is trading lower in conjunction with corn and beans. Midday SRW futures are 10 to 12 3/4 cents lower. 

The KS Wheat Tour is active, with individual preliminary updates expected later today through the week and the final results later this week. 

NOAA’s updated 7-day QPF shows more rain in the forecast for Colorado/Kansas/Oklahoma and the TX panhandle. Accumulations top out near 2” but most of HRW acreage will get another 10th to a full 1” in the coming week. 

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. 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. 

Ukraine’s Ag Ministry reported 43.6 MMT of grain exports for the season through 5/15. That compares to 46.3 MMT during the same point last year. 

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  is at $6.47 1/4, down 13 1/2 cents,

Sep 23 CBOT Wheat  is at $6.59 3/4, down 12 1/4 cents,

Cash SRW Wheat  is at $5.86 1/4, down 14 5/8 cents,

Jul 23 KCBT Wheat  is at $8.96 1/4, down 2 cents,

Cash HRW Wheat  is at $8.65 1/8, down 2 cents,

Jul 23 MGEX Wheat  is at $8.76, up 2 3/4 cents,