The wheat complex is trading sightly lower this morning after starting off the week with a huge Monday rally. Chicago contracts closed the Monday session with 16 ½ to 37 ½ cent gains. Kansas City futures were in rally mode, as gains of 18 ¾ to 35 ¼ cents were across the board. MPLS spring wheat futures were up 21 ¾ to 28 ¼ cents across the MGE board. Weather was likely playing a factor, as the next 7 days remain dry for the Southern Plains. Russian and EU FOB prices have also recently climbed Black Sea crop concerns, allowing the US to be more competitive.
The USDA Crop Progress report from Monday afternoon showed 69% of the US winter wheat crop as headed, 12% ahead of the average pace as of Sunday. Winter wheat conditions were listed at 49% gd/ex, down 1% from last week and taking the Brugler500 index 1 point lower to 333. Spring wheat planting was at 79%, 14% above the 5-year average. Emergence was at 43%, 10% above the average pace.
The weekly Export Inspections report from the FGIS showed just 205,612 MT of wheat exported in the week that ended on May 16. There are two weeks and a day remaining in the marketing year. That was down 46.37% from last week and is less than half of what was reported in the same week last year. The Philippines was the top destination of 64,099 MT, with 58,349 MT headed to Thailand, and 44,207 MT to Mexico. The cumulative export total this marketing year is at 17.87 MMT, down 6.8% from last year.
Chinese customs data shows calendar year 2024 wheat imports of 6.24 MMT through the end of April. That is up 3.4% year/year.
Jul 24 CBOT Wheat closed at $6.88 3/4, up 37 1/2 cents, currently down 1 1/4 cents
Sep 24 CBOT Wheat closed at $7.08 3/4, up 36 3/4 cents, currently down 2 1/4 cents
Jul 24 KCBT Wheat closed at $6.96 3/4, up 35 cents, currently down 2 1/4 cents
Sep 24 KCBT Wheat closed at $7.10 3/4, up 35 1/4 cents, currently down 2 1/4 cents
Jul 24 MGEX Wheat closed at $7.39 1/4, up 27 3/4 cents, currently down 3 cents
Sep 24 MGEX Wheat closed at $7.49 1/2, up 28 cents, currently down 3 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.
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