With April’s trade underway, wheat futures closed ~10 cents off their lows in Chicago but still 3 cents in the red. KC wheat futures fell by double digits in some contracts on 1.2% to 1.6% losses across the front months. MGE wheat futures ended the day 8 to 10 cents weaker.
NASS issued the national Crop Progress report as of 3/31, showing 4% of the winter wheat crop was headed as of 3/31. The average would be 2% for the first national report. Initial winter wheat conditions were shown at 56% good/ex for a 348 on the Brugler500 Index. That compares to a 279 on the Brugler500 last year. The spring wheat planting was shown at 1% finished nationally, with WA at 10% and ID at 8% planted.
Wire sources had Saudi Arabia’s GFSA booking 595k MT of wheat via tender.
The weekly Export Inspections had wheat shipments at 499k MT for the week of 3/28. That was up 66k MT from last week and compared to just 168k MT during the same week last year. Total shipments for the season reached 14.78 MMT, still a 2.08 MMT lag from last year.
May 24 CBOT Wheat closed at $5.57, down 3 1/4 cents
Jul 24 CBOT Wheat closed at $5.72 3/4, down 3 cents
May 24 KCBT Wheat closed at $5.75 1/2, down 9 3/4 cents
Jul 24 KCBT Wheat closed at $5.71, down 8 3/4 cents
May 24 MGEX Wheat closed at $6.34 3/4, down 10 1/4 cents,
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