Wheat Rallied Out of Weekend

The domestic wheat markets made up of ~half of last week’s net drops with some +50 cent gains on Monday to start the new week. CBT SRW ended the day 4.8% to 5.1% higher, though July was still $1.91 under the LoC high from 5/17. KC wheat futures closed 47 to 49 cents higher on 4.2% to 4.4% gains. Spring wheat futures recovered 34 to 38 3/4 cents on the day with 2.9% to 3.25% gains. 

NASS reported 82% of the 22/23 spring wheat crop was planted as of 6/5. The 5-year average pace would be to be 97% planted by week 23. MN planting was just 65% finished. 55% of the crop was up as of 6/5, compared to 83% emerged on average. USDA reported 79% of the winter wheat crop was headed as of 6/5, trailing the average pace of 84%. Harvest is under way in AR, CA, MO, NC, OK, and TX, with 36% of Texas wheat out. Their average pace would be 38% harvested. National harvest is 5% finished, compared to 6% on average. Conditions had improved by 1 point nationally through the week to 271 on the Brugler500 index. Illinois, MT, and TX saw the most improvement while CO and OR got worse. Texas was still rated 166 on the Brugler500 index. 

USDA reported 352,779 MT of wheat was exported during the week that ended 6/2. Starting the new MY, with 225,845 MT through the first 2 days of data. Hard red spring and hard red winter were each over 100k MT of the total. Mexico was the week’s top destination.

The FranceAgriMer reported the wheat crop at 67% good/ex, down from last week’s 69% reading. 

Jul 22 CBOT Wheat  closed at $10.93, up 53 cents,

Cash SRW Wheat  was $10.33 3/8, up 53 1/4 cents,

Jul 22 KCBT Wheat  closed at $11.70, up 49 cents,

Cash HRW Wheat  was $11.21 7/8, up 47 5/8 cents,

Jul 22 MGEX Wheat  closed at $12.30 1/2, up 38 3/4 cents,

Sep 22 MGEX Wheat  closed at $12.30 1/2, up 37 cents,