The wheat complex is sparking a Turnaround Tuesday, as contracts are down across the three exchanges. They shot out of a rocket at the day session open. Chicago contracts were 19 ½ to 26 cents across most nearby contracts. Kansas City futures were 24 to 26 ¾ cents higher on Monday. MPLS spring wheat futures were 13 ¾ to 21 ½ cents in the green to start the week.
This afternoon’s NASS Crop Progress report tallied the US winter wheat crop at 57% headed, 15% faster than the normal development pace. Condition ratings were unchanged at 50% gd/ex, with some shift in the ratings taking the Brugler500 index down 1 to 334. The spring wheat crop was 61% planted by Sunday, 13% above the normal pace. Emergence was also 25%, 7% above normal.
The weekly FGIS Export Inspections report showed 366,339 MT (13.5 mbu) of wheat exported in the week that ended on May 9. That was a jump of 39.06% from a year ago and 8.01% larger vs. last week. China was the lead destination, with 116,240 MT headed that way, as 103,377 MT was on its way to South Korea. The year to date inspections as we are in the last month of the MY are at 17.648 MMT (648 mbu), a drop of 5.81% vs. last year.
Russia’s IKAR estimates the country’s wheat crop at 86 MMT, a drop of 5 MMT from their previous number and below the 88 MMT from USDA on Friday.
Jul 24 CBOT Wheat closed at $6.87, up 23 1/2 cents, currently down 7 cents
Sep 24 CBOT Wheat closed at $7.06 1/2, up 24 cents, currently down 6 1/2 cents
Jul 24 KCBT Wheat closed at $7.00, up 26 3/4 cents, currently down 6 1/2 cents
Sep 24 KCBT Wheat closed at $7.13, up 27 1/2 cents, currently down 6 1/2 cents
Jul 24 MGEX Wheat closed at $7.38 1/4, up 18 1/4 cents, currently down 3 3/4 cents
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