Wheat futures are mixed to begin the Tuesday session. Domestic wheat futures closed the Monday session off their lows, but still in the red. CBT SRW prices ended the session 8 to 10 3/4 cents lower with May the weakest. Preliminary OI showed some net new selling interest, rising 4,725 contracts. KC HRW futures closed 7 1/2 cents in the red. MGE prices were 10 1/4 to 11 1/4 cents weaker on Monday.
USDA’s weekly Crop Progress update showed winter wheat was 5% headed as of 4/11 compared to the 5yr average of 7%. Overall winter wheat conditions were down 1 point on the Brugler500 Index to 337. Spring wheat planting had progressed 8 ppts through the week ending 4/11. Planting is now 11% complete compared to the 6% average.
Wheat shipments from the week ending 4/8 were reported at 458,432 MT via USDA Export Inspections data. Accumulated wheat shipments are now at 21.404 MMT. The marketing year ends May 31.
Cash SRW Wheat was $6.00 ½ on Monday, down 10 1/2 cents,
May 21 CBOT Wheat closed at $6.28, down 10 3/4 cents, rebounding 3 3/4 this morning
Jul 21 CBOT Wheat closed at $6.31 1/4, down 9 1/4 cents; up 3 1/4 this morning,
Cash HRW Wheat was $5.47 1/3 yesterday, down 7 5/8 cents,
May 21 KCBT Wheat closed at $5.79, down 7 1/2 cents; currently down 1/2
Jul 21 KCBT Wheat closed at $5.86 3/4, down 7 1/2 cents; now down 1/2
May 21 MGEX Wheat closed at $6.42 3/4, down 11 1/4 cents; now up 3
