Wheats Turn Higher for Close

Afternoon strength turned the market higher for the Monday trading session. CBT SRW futures saw a 17 1/2 cent range from -8 3/4 to +8 3/4 cents before closing fractionally to 1 3/4 cents higher. KC wheat closed Monday 1 1/2 to 4 1/4 cents in the black. Spring wheat futures were 5 1/2 to 6 cents higher at the bell. Sep HRS was down by 12 cents at the session low on Monday. 

The weekly Crop Progress report showed spring wheat planting advanced 24% points to 64% complete. The average pace would have 73% in the ground by 5/21. Minnesota advanced 46% through the week and is now 3% points ahead of average. NASS had winter wheat 61% headed as of 5/21 – matching the 5-yr average. In KS, 73% of the crop was headed and in OK 95% was headed as of 5/21. Winter wheat conditions improved on the week to a 278 Brugler500 conversion. That was up by 4 points nationally, with NE up by 28 to 280. Texas improved by 18 to 266. The Kansas Brugler500 score was 4 points lower on the week to 205 – still the worst of the reported states. 

Weekly wheat export shipments were 407,682 MT according to USDA’s weekly update. That was 144k MT above last week and was 132k MT more yr/yr. Mexico was the week’s top destination with 88k MT, followed by China and the Philippines each with over 60k MT. USDA marked 40% of the total as white wheat and 30% as HRS. The season’s total wheat export was reported as 19.143 MMT as of 5/18, trailing last year’s pace by 510k MT. 

Reports on the wire suggest U.S. is importing wheat into Tampa FL from Poland, with three known cargos sold to date. 

Jul 23 CBOT Wheat  closed at $6.06 1/4, up 1 1/4 cents,

Sep 23 CBOT Wheat  closed at $6.18 3/4, up 1 3/4 cents,

Cash SRW Wheat  was $5.45 1/4, up 1 1/8 cents,

Jul 23 KCBT Wheat  closed at $8.25 3/4, up 1 1/2 cents,

Cash HRW Wheat  was $7.95 3/4, up 1 1/2 cents,

Jul 23 MGEX Wheat  closed at $8.09 1/2, up 5 1/2 cents,