Wheat Mixed after Crop Progress

AM wheat futures are bouncing back in Minneapolis, but pushing fractionally to 4 cents lower in winter wheat markets.  With April’s trade underway, wheat futures closed ~10 cents off their lows in Chicago but still 3 cents in the red on Monday. KC wheat futures fell by double digits in some contracts on 1.2% to 1.6% losses across the front months. MGE wheat futures ended the day 8 to 10 cents weaker. 

NASS issued the first national Crop Progress report of the season on Monday afternoon, showing 4% of the winter wheat crop was headed as of 3/31. The average would be 2% for the first national report. Initial winter wheat conditions were shown at 56% good/ex for a 348 on the Brugler500 Index. That compares to a 279 on the Brugler500 last year at the start of the spring reporting season. The spring wheat planting was 1% finished nationally, with WA at 10% and ID at 8% planted. 

Wire sources had Saudi Arabia’s GFSA booking 595k MT of wheat via a weekend tender. 

The weekly Export Inspections had wheat shipments at 499k MT for the week of 3/28. That was up 66k MT from last week and compared to just 168k MT during the same week last year. Total shipments for the season reached 14.78 MMT, still a 2.08 MMT lag from last year.

May 24 CBOT Wheat  closed at $5.57, down 3 1/4 cents, currently down 2 1/4 cents

Jul 24 CBOT Wheat  closed at $5.72 3/4, down 3 cents, currently down 2 1/4 cents

May 24 KCBT Wheat  closed at $5.75 1/2, down 9 3/4 cents, currently down 2 3/4 cents

Jul 24 KCBT Wheat  closed at $5.71, down 8 3/4 cents, currently down 4 cents

May 24 MGEX Wheat  closed at $6.34 3/4, down 10 1/4 cents, currently up 1 1/2 cents