Wheat is trading 2 1/4 to 5 3/4 cents higher so far through Tuesday morning. CBT SRW futures saw a 17 1/2 cent range from -8 3/4 to +8 3/4 cents on Monday before closing fractionally to 1 3/4 cents higher. KC wheat closed 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.Â
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 pace. NASS had winter wheat 61% headed as of 5/21 – matching the 5-yr average maturity. 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 index. That was up by 4 points nationally, with NE up by 28 to 280. Texas improved by 18 to 266. The Brugler500 score for Kansas was 4 points lower on the week to 205 – still the worst of the reported states and not benefitting overall from recent rains.Â
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.Â
Trade sources indicate the U.S. is importing wheat into Tampa FL from Poland, with three known cargos sold to date. Â EU wheat prices have recently reached a 22 month low, and ocean freight rates are more manageable.
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Jul 23 CBOT Wheat  closed at $6.06 1/4, up 1 1/4 cents, currently up 4 1/4 cents
Sep 23 CBOT Wheat  closed at $6.18 3/4, up 1 3/4 cents, currently up 5 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, currently up 8 centsÂ
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, currently up 7 1/4 cents
On the date of publication, Alan Brugler did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here.
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