Wheat Futures Down Double Digits Early

Wheat futures are double digits lower in a potential Turnaround Tuesday session following gains on Monday. Chicago futures closed 5 1/2 to 10 cents in the black. KC HRW closed 6 to 8 1/4 cents higher on the day. MPLS wheat rallied 8 1/4 to 13 cents on Monday.  

USDA’s weekly Export Inspections report showed 417,750 MT of wheat was shipped during the week that ended 2/3. USDA put season to date at 14.025 MMT through 2/3. That trails last season’s pace by 17.7%. The Jan WASDE called for a 16.8% drop off. 

Texas’s State Crop Progress report showed 7% of the winter wheat crop was headed as of 2/6, compared to just 2% at the same time last year. Conditions showed 0% for excellent and just 9% for good – with a whopping 71% poor/very poor and a Brugler500 score of 188. 

Mar 22 CBOT Wheat  closed at $7.68 3/4, up 5 1/2 cents,

Cash SRW Wheat  was $7.28 1/8 on Monday, up 5 1/2 cents,

Mar 22 KCBT Wheat  closed at $7.91 3/4, up 6 cents,

Cash HRW Wheat  was $7.73 5/8 on Monday, up 5 3/8 cents,

Mar 22 MGEX Wheat  closed at $9.21 1/4, up 8 1/4 cents,