Wheat Pulls Off Highs to Close Mixed

The wheat complex rounded out the Monday session with mixed action and the hard wheat leading the way. Kansas City futures were up 4 to 5 ¾ cents across the nearbys, with MPLS spring wheat 2 to 2 ½ cents in the green. Chicago contracts were weaker with front months fractionally to 1 ¾ cents lower and deferreds fractionally to 2 cents higher.

The weekly USDA Crop Progress report showed that 6% of the US winter wheat crop was headed as of April 7, vs. the average pace of 5%. Crop conditions were steady at 56% gd/ex, with the Brugler500 index at 348.  Spring wheat planting was reported at 3%, even with the 5-year average.

The 7-day QPF from USDA shows drier weather across much of HRW country, with parts of SRW seeing some precip expected over the next week.

This morning’s Export Inspections report from USDA tallied all wheat exports at 497,534 MT during the week that ended on April 4. That was a drop of 12.53% from the week previous but was a 27.56% increase from the same week last year. The cumulative inspections for the marketing year are now at 15.35 MMT, still trailing last year by 11.01%. The Philippines was the largest destination of 95,434 MT, with 81,616 MT making its way to Mexico and 55,579 MT headed to China.

Russia’s wheat export tax for the week ending April 16 has been cut to 3236 rubles/MT from 3,323.

May 24 CBOT Wheat  closed at $5.65 3/4, down 1 1/2 cents,

Jul 24 CBOT Wheat  closed at $5.80 1/2, down 125 cents,

May 24 CBOT Wheat  closed at $5.85 1/4, up 3 cents,

Jul 24 CBOT Wheat  closed at $5.84 1/2, up 500 cents,

Jul 24 CBOT Wheat  closed at $6.59, up 2 1/2 cents,