Wheat futures are 3 to 9 cents weaker and at the overnight lows rolling into the day session. The wheat market finished the session with double digit gains in KC and MGE. KC futures closed near the session high with 1.7% to 3.9% gains. March was back above the $6 mark after a 22 ½ cent gain on Monday. Spring wheat futures 14 ¾ to 15 ¾ cents stronger for the close. Chicago prices were also in the black on the day, though futures were 4c off the high for 5 ½ to 6 ¼ cent gains.
Individual state reports saw crop conditions get a little worse over the last week, as gd/ex ratings in TX were down 3% to 43%, with OK down 5% to 65%, and KS 4% lower to 53%. That dropped their respective crop ratings on the Brugler500 scale by 7 for TX and OK to 312 and 364, with KS down 3 to 338. Winter wheat fields in the ECB will get residual moisture from the N.E. coastal snows and the heavy Gulf rains. Southern IL through Southeastern OH are expected to get 2-2 1/2” of rainfall equivalent precip in the updated 7-day QPF from NOAA.
Ahead of the WASDE report, trader expectations average to see USDA to tighten wheat stocks by 200k bushels to 657.8 million. That comes as some responses were for a cut of as much as 18 mbu and some were to see an increase of as much as 24 mbu. Global wheat carryout is expected to tighten by 1.3 MMT.
Weekly wheat exports were 353,137 MT via the export inspections report. That was down from 482k MT last week and was similar to the volume during the same week last year. SRW was the bulk of the week’s export with over 115k MT of the total. Mexico was the top destination, though China was #2 with 59k MT shipped there during the week. The accumulated wheat exports reached 12.97 MMT vs 15.65 MMT at this point last year.
Mar 24 CBOT Wheat closed at $5.63 1/2, up 3 1/2 cents, currently down 8 3/4 cents
May 24 CBOT Wheat closed at $5.64, up 6 1/4 cents, currently down 9 1/2 cents
May 24 KCBT Wheat closed at $5.80 1/4, up 15 3/4 cents, currently down 8 1/4 cents
May 24 MGEX Wheat closed at $6.59 1/2, up 15 3/4 cents, currently down 3 3/4 cents
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