Wheat Backing Off for a Turnaround Tuesday

Prices in the three US wheat futures markets are back down by 1 to 6 cents, led by KC. Futures firmed up for the close on Monday. Chicago futures ended with a ¼ to 2 ½ cent gain, while HRW futures were fractionally mixed to 1 ½ cents in the black. Spring wheat futures stayed in the red for the close, though by less than 1 ½ cents. French Milling Wheat Futures traded at the highest price since February 7, but reversed course and settled 1.3% lower on Monday. 

NASS State reports had TX wheat conditions with a 343 when converted to the Brugler500 Index, from 329 last week. KS winter wheat was 7% jointed as of 3/24, with conditions at  343 on the Brugler500 Index. That is down from 347 last week. In OK, wheat was 36% jointed and conditions improved from 343 to 360 on the Brugler500 index. Winter wheat in NE saw a shift from “Fair” to “Good” over the month since the last update, which increased conditions to a 370 on the Brugler500 Index. 

Weekly wheat export shipments were shown at 315,395 MT for the week that ended 3/21. That was a drop from 394.5k MT last week and was 89k MT behind the same week last year. Accumulated inspections were still 2.5 MMT (15.2%) behind last year’s pace with 14.167 MMT shipped. 

Pre-report surveys show analysts are looking for March 1 wheat stocks to come in at 1.05 bbu on average. That would be 106 mbu larger than Mar 1 stocks last year, following a 98 mbu looser yr/yr stock pile on Dec 1. Wheat acreage is estimated at 47.3 million acres vs 49.6m last year. 

May 24 CBOT Wheat  closed at $5.55, up 1/4 cent, currently down 1 1/2 cents

Jul 24 CBOT Wheat  closed at $5.70 3/4, up 1 1/4 cents, currently down 1 1/2 cents

May 24 KCBT Wheat  closed at $5.89 1/2, down 1 cent, currently down 6 cents

Jul 24 KCBT Wheat  closed at $5.85 1/2, up 3/4 cent, currently down 6 1/4 cents

May 24 MGEX Wheat  closed at $6.59 1/2, down 1 1/2 cents, currently down 4 3/4 cents