Futures are shrugging off the overnight losses of double digits, as the gains are in the double digit range at midday. Chicago contracts are up 20 to 24 points on the day. Kansas City futures are up 20 to 23 cents across most contracts. MPLS is being pulled up, with 10 to 12 cent gains.
There were 102 contracts issued against May CBT wheat overnight. The oldest long is dated May 1. There have still been zero delivieries against May KC wheat.
Wheat shipments during the week that ended on May 2 totaled 321,124 MT. That was a sharp drop of 36.13% from the previous week but an increase of 48.64% from the same week last year. The Philippines was the top destination of 128,609 MT, as 110,005 MT was headed to Mexico. Year to date shipments as we head into the last month MY are 17.26 MMT, a decline of 6.54% from the same point last year.
Crop Progress data released this afternoon is expected to show winter wheat condition ratings even with a week ago at 49% gd/ex. The spring wheat crop is seek a 46% planted, up from the 34% pace last week.
May 24 CBOT Wheat is at $6.30, up 24 cents,
Jul 24 CBOT Wheat is at $6.46 1/2, up 24 cents,
May 24 KCBT Wheat is at $7.01, up 41 cents,
Jul 24 KCBT Wheat is at $6.73 1/4, up 23 cents,
Jul 24 MGEX Wheat is at $7.26 1/4, up 11 3/4 cents,
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