The wheat complex is posting midday weakness on Tuesday, despite getting some buying off the early morning lows. Kansas City is leading the charge back lower down 8 to 10 cents. Chicago contracts are down 6 to 8 cents. MPLS spring wheat futures are 6 to 9 cents in the red at midday.Â
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. There was some shift in ratings by state, with KS improving 3 points to 338, and TX down 3 to 324. Spring wheat planting was reported at 3%, even with the 5-year average.Â
Monthly WASDE data will get an update on Thursday, with the trade expecting an increase after the larger than expected March 31 stocks totals. The average trade estimate is 690 mbu, which would be a 17 mbu hike from the March balance sheet update. The range is from 670 mbu to 723 mbu.Â
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.Â
May 24 CBOT Wheat  is at $5.59, down 6 3/4 cents,
Jul 24 SRW Wheat  is at $5.73 3/4, down 6 3/4 cents,
May 24 KCBT Wheat  is at $5.75 1/4, down 10 cents,
Jul 24 HRW Wheat  is at $5.74 1/2, down 10 cents,
Jul 24 MGEX Wheat  is at $6.50 3/4, down 8 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.
