Wheat is mixed, with the winter wheat contracts higher and spring wheat lower on Tuesday morning. The wheat complex posted mixed action on Monday, with KC the weakest. Chicago SRW futures were mostly fractionally to 2 ¾ cents higher. Open interest rose 3,302 contracts. KC HRW futures were down 6 to 7 cents reverting from some recent strength. OI dropped 3,676 contracts. MPLS spring wheat was 2 to 4 cents higher on Monday.
The Kansas Crop Progress report showed winter wheat conditions down 6% to 40% good/excellent, with the Brugler500 index down 12 points to 316. The national level Crop Progress report will be out nest Monday.
Monday morning’s Export Inspections report showed 364,219 MT (13.38 mbu) of wheat shipped in the week of 3/26. That was 20.73% above the week prior and 27.38% larger than the same week last year. Japan was the largest destination of 107,579 MT, with 90,290 MT shipped to Nigeria and 85,263 MT to Mexico. The marketing year total is now 20.295 MMT (745.72 mbu) of wheat shipped since June 1, which is 16.7% above the same period last year.
Over the weekend, forecasts shifted a little further west, with more portions of the Plains getting some moisture. Portions of the western Plains are now covered, with heavier totals in the eastern half.
March Intentions data will be out on Tuesday, as traders are looking for 44.79 million acres of wheat this year, down 544,000 acres from a year ago if realized. Grain Stocks data is estimated at 1.31 bbu for wheat, which would be 73 mbu above a year ago.
May 26 CBOT Wheat closed at $6.07, up 2 cents, currently up 2 1/2 cents
Jul 26 CBOT Wheat closed at $6.18 3/4, up 2 3/4 cents, currently up 1 3/4 cents
May 26 KCBT Wheat closed at $6.26 1/4, down 6 1/2 cents, currently up 2 3/4 cents
Jul 26 KCBT Wheat closed at $6.40 3/4, down 6 3/4 cents, currently up 2 1/4 cents
May 26 MIAX Wheat closed at $6.52, up 3 3/4 cents, currently down 1 1/2 cents
Jul 26 MIAX Wheat closed at $6.66 1/2, up 3 1/4 cents, currently down 3/4 cents
