The wheat complex is still higher on Tuesday, with contracts higher across the three markets. Chicago SRW futures are 3 to 4 cents higher on the Tuesday session. Kansas City HRW contracts are showing gains of 1 to 2 cents in the nearbys. MPLS spring wheat are up 1 to 2 cents in the front months.
The initial NASS Crop Progress report of the year indicated a total of 5% of the winter wheat crop was headed across the country in line with the 5-year average. Condition ratings were tallied at 48% good/excellent, or 328 on the Brugler500 index (100-500 point scale), which is behind the 56% and 348 from the same point last year. That is also a decline of the 55% and 348 respectively ratings from the final tally last fall.
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Spring wheat planting was reported at 3% complete as of Sunday, matching last year for the same week and the 5-year average.
US wheat ending stocks estimates will be updated on Thursday, as the trade is looking for 825 mbu. That would be up 6 mbu from last month if realized.
EU soft wheat export have totaled 16.36 MMT from the July 1 marketing year tart to April 5. That lags the 24.96 MMT from the same point last year.
May 25 CBOT Wheat is at $5.40, up 3 1/2 cents,
Jul 25 CBOT Wheat is at $5.54 1/4, up 3 3/4 cents,
May 25 KCBT Wheat is at $5.61, up 1 3/4 cents,
Jul 25 KCBT Wheat is at $5.74 1/4, up 1 1/2 cents,
May 25 MGEX Wheat is at $5.95 3/4, up 1 3/4 cents,
Jul 25 MGEX Wheat is at $6.09 1/2, up 1 1/4 cents,
On the date of publication, Austin Schroeder 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.
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