Follow Through Weakness for Tuesday Wheat Trade

Soybeans being harvested in the fall

Wheat futures are continuing weaker with KC another 1.5% in the red at midday to follow the dime loss starting the week. CBT wheat futures are down by 5 ¾ to 10 cents across the front month contracts. Spring wheat prices are currently 5 to 6 cents in the red. 

NASS issued the first national Crop Progress report of the season on Monday afternoon, 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 at the start of the spring reporting season. The spring wheat planting was 1% finished nationally, with WA at 10% and ID at 8% planted. 

Wire sources had Saudi Arabia’s GFSA booking 795k MT of wheat via a weekend tender. Japan is set to buy 113.5k MT of wheat in a regular tender from U.S., Canada, and Australia.

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  is at $5.49, down 8 cents,

Jul 24 CBOT Wheat  is at $5.65 1/2, down 7 1/4 cents,

May 24 KCBT Wheat  is at $5.68 1/2, down 7 cents,

Jul 24 KCBT Wheat  is at $5.63, down 8 cents,

May 24 MGEX Wheat  is at $6.29 1/2, down 5 1/4 cents,

On the date of publication, Alan Brugler did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here.