The wheat complex fell lower across the three markets on Monday, as futures never recovered from sharp overnight losses. Chicago SRW futures were down 13 to 15 cents. Kansas City HRW contracts were 11 to 14 cents lower on Monday. MPLS spring wheat was 8 to 10 cents in the red at the close.
Export Inspections data showed a total of 646,564 MT (23.76 mbu) of wheat shipped during the week of April 24. That was an increase of 26.72% from the previous week and up 28.6% from the same week last year. South Korea was the largest destination of 147,255 MT, with 111,779 MT to Mexico. Marketing year exports have totaled 19.46 MMT (715 mbu) since June 1, which is 14.85% above the same period last year.
The weekly Crop Progress report showed a total of 30% of the spring wheat crop planted, ahead of the 21% 5-year average pace but shy of the 34% estimate. Emergence was tallied at 5%, matching normal.
The US winter wheat crop was listed at 27% headed as of April 27, 5 percentage points ahead of normal. Winter wheat ratings were back up 4% to 49% good/excellent, as the Brugler500 index was rising 9 points to 334.
May 25 CBOT Wheat closed at $5.15 1/2, down 14 1/2 cents,
Jul 25 CBOT Wheat closed at $5.31, down 14 cents,
May 25 KCBT Wheat closed at $5.24 3/4, down 13 1/4 cents,
Jul 25 KCBT Wheat closed at $5.39 3/4, down 11 1/4 cents,
May 25 MGEX Wheat closed at $5.90, down 1 1/4 cents,
Jul 25 MGEX Wheat closed at $5.96 3/4, down 9 1/2 cents,
