The wheat complex saw strength across most contracts on Monday. Chicago SRW futures were 11 1/2 to 13 1/4 cents higher on the day. KC HRW futures were 5 1/2 to 8 1/4 cents in the green at the close. MPLS spring wheat were steady to 1 ¾ cents higher.
Export Inspections data showed wheat at 365,156 MT (13.42 mbu) shipped in the week that ended on April 23. That was down 29.53% from last week and 43.84% below the same week last year. The Philippines was the top destination of 84,898 MT, with 84,134 MT to Japan and 54.999 MT to South Korea. Marketing year shipments have totaled 21.856 MMT (716.56 mbu), which is down 24.7% yr/yr.
Crop Progress data showed the US spring wheat crop at 19% planted, now 3 percentage points behind the pace from the last 5 years (22%). Emergence was pegged at 5%. The winter wheat crop was at 34% headed, which was 13 percentage points head of normal. Condition ratings were unchanged 30%, though the Brugler500 index was down 3 points to 287 on a 2% drop out of fair to poor (+1%) and very poor (+1%).
Saudi Arabia purchased a total of 985,000 MT of wheat purchased in their tender overnight.
May 26 CBOT Wheat closed at $6.21 1/2, up 13 1/4 cents,
Jul 26 CBOT Wheat closed at $6.29 3/4, up 13 cents,
May 26 KCBT Wheat closed at $6.67 1/4, up 8 1/4 cents,
Jul 26 KCBT Wheat closed at $6.75 1/4, up 5 1/2 cents,
May 26 MIAX Wheat closed at $6.76, unch,
Jul 26 MIAX Wheat closed at $6.95 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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