The wheat complex is showing losses after overnight trade, with HRW leading the way down double digits. They 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 led the way up on Friday, but were weaker on Monday 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. Traders surveyed before the report expected 2% to 6%.
Monday’s USDA Export Inspections report put 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.
Japan’s Ministry of Ag has issued a tender to buy 121,485 MT of wheat from the US, Canada and Australia, with 27,470 MT US specific.
May 24 CBOT Wheat closed at $5.65 3/4, down 1 1/2 cents, currently down 8 1/2 cents
Jul 24 CBOT Wheat closed at $5.80 1/2, down 1 1/4 cents, currently down 8 1/4 cents
May 24 CBOT Wheat closed at $5.85 1/4, up 3 cents, currently down 8 1/2 cents
Jul 24 CBOT Wheat closed at $5.84 1/2, up 5 cents, currently down 10 1/2 cents
Jul 24 CBOT Wheat closed at $6.59, up 2 1/2 cents, currently down 7 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.
