The wheat complex jumped out of three-day weekend, but the morning session brought along some heaviness, with contracts pulling well off the overnight highs. Chicago contracts were steady to 3 cents in the green at the close. Kansas City futures were up 2 ¾ to 10 cents across the board. MPLS spring wheat saw gains of 1 ¼  to 4 ¾ cents on the session. 

The NASS Crop Progress report showed the winter wheat crop 77% headed, 8% ahead of the average pace. Condition ratings were tallied at 48% gd/ex, down 1%, with the all-inclusive Brugler500 index down 2 to 331. Spring wheat was 88% planted, 7% above normal, with emergence at 61%, 9% faster than average.

The delayed Tuesday morning Export Inspections report showed 398,904 MT in all wheat shipments during the week of May 23. That was a 74.8% jump from the previous week and a 1.9% increase over the same week last year. Mexico was the largest destination of 121,915 MT, with 96,800 MT headed to the Philippines and 81,461 MT to Taiwan. As we enter the last week of the MY, the total exports have totaled 18.292 MMT, which is down 6.52% from the previous MY. 

Russia lowered their export tax to 2,977.30 rubles/MT, effective through June 4.  Their internal prices have been rising due to frost damage and dry weather that is restricting replanting.  Some forecasts have light rains working into the afflicted region by mid-week. IKAR came out with another update to their Russian wheat production estimate, lowering it by another 2 MMT to 81.5 MMT on Monday. SovEcon also trimmed their projection by 3.6 MMT to 82.1 MMT.

Jul 24 CBOT Wheat  closed at $7.00 1/4, up 3 cents,

Sep 24 CBOT Wheat  closed at $7.20 1/2, up 3 cents,

Jul 24 KCBT Wheat  closed at $7.31 1/4, up 10 cents,

Sep 24 KCBT Wheat  closed at $7.44 3/4, up 9 cents,

Jul 24 MGEX Wheat  closed at $7.57 1/2, up 4 3/4 cents,

Sep 24 MGEX Wheat  closed at $7.66 1/2, up 4 cents,