The wheat complex saw several contracts close at the limit on Monday across all three exchanges. CBT and KC contracts were up the 70 cent limit in front months with deferred contracts double digits higher as well. MPLS was up their respective 60 cent limit in the front months. The winter wheat contracts will have expanded $1.05 limits on Tuesday, with MGE expanding to 90 cents.
Over the weekend, India took steps to limit exports. This was incorrectly reported in the media as a ban, but Bangladesh has indicated they will not be restricted, Egypt has indicated they have been promised 500,000 MT, and India has confirmed that other sales with active letters of credit will be allowed to proceed. The above did not prevent wheat from gapping higher on Sunday night.
Following the close, the NASS Crop Progress report showed the winter wheat crop at 48% headed, lagging the 53% normal pace. As of Sunday, condition ratings slipped 2% to 27% gd/ex. Much of that loss went to the very poor category, as the Brugler500 index dropped 7 points to 265. That is the lowest index score going back to at least 1990. Spring wheat planting progress was slowed again only at 39% complete vs. the 67% average.
Wheat export inspections during the week of 5/12 were reported at 348,048 MT. That was a rebound from the week prior by 32.4%, but was still 47.3% below the same week in 2021. The MYTD total is now 19.376 MMT, down 20.62% vs. the year prior.
Jul 22 CBOT Wheat closed at $12.47 1/2, up 70 cents,
Cash SRW Wheat was $11.86 3/8, up 69 cents,
Sep SRW Wheat closed at $12.51, up 70 cents,
Jul 22 KCBT Wheat closed at $13.52, up 70 cents,
Cash HRW Wheat was $13.02 3/8, up 68 1/8 cents,
Sep HRW Wheat closed at $13.53 3/4, up 70 cents,
Jul 22 MGEX Wheat closed at $13.85, up 60 cents,
Dec 22 MGEX Wheat closed at $13.73, up 60 cents,
