Wheat Closes Higher on Monday

The wheat complex is showing higher trade across the three markets on Tuesday. Futures were stronger on Monday to start a new week of trade. Chicago SRW futures were 7 to 8 cents higher to settle the Monday session. Kansas City HRW contracts saw slight gains of 1 to 3 cents in the nearbys at the close. MPLS spring wheat posted gains of 8 to 10 cents across most contracts on Monday.

The initial NASS Crop Progress report of the year indicated a total of 5% of the winter wheat crop was headed across the country in line with the 5-year average. Condition ratings were tallied at 48% good/excellent, or 328 on the Brugler500 index (100-500 point scale), which is behind the 56% and 348 from the same point last year. That is also a decline of the 55% and 348 respectively ratings from the final tally last fall. 

Spring wheat planting was reported at 3% complete as of Sunday, matching last year for the same week and the 5-year average. 

Export Inspections data showed a total of 334,888 MT (12.3 mbu) of wheat shipped during the week of April 3. That was a drop of 33.12% from the previous week and down 35.2% from the same week last year. Mexico was the largest destination of 76,161 MT, with 60,797 MT to Japan, and 56,400 MT to the Philippines. Marketing year exports have totaled 17.69 MMT (650 mbu) since June 1, which is 15.1% above the same period last year. 

May 25 CBOT Wheat  closed at $5.36 1/2, up 7 1/2 cents, currently up 6 1/2 cents

Jul 25 CBOT Wheat  closed at $5.50 1/2, up 7 3/4 cents, currently up 7 cents

May 25 KCBT Wheat  closed at $5.59 1/4, up 1 3/4 cents, currently up 5 cents

Jul 25 KCBT Wheat  closed at $5.72 3/4, up 2 3/4 cents, currently up 5 1/2 cents

May 25 MGEX Wheat  closed at $5.94, up 9 1/2 cents, currently up 3 1/2 cents

Jul 25 MGEX Wheat  closed at $6.08 1/4, up 8 1/2 cents, currently up 4 1/4 cents