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,