The wheat complex was weaker across the three market on Tuesday. Chicago SRW futures posted 2 to 3 cent losses on the day. Kansas City HRW contracts slipped 4 to 6 cents into the close. MPLS spring wheat was 3 to 5cents in the red on the session.
Monday’s Crop Progress report showed a total of 17% of the spring wheat crop planted, ahead of the 12% 5-year average pace. Just MN and WA were reported below average. Emergence was tallied at 2%, matching normal.The US winter wheat crop was listed at 15% headed as of April 20, 2 percentage points ahead of normal. Winter wheat ratings were down 2% to 45% good/excellent, as the Brugler500 index was down 4 points to 325. By state, IL was down 21 points, with CO falling 13, SD dropping 11, KS down 9 and OK 7 points lower. Improvement was seen in TX (+14), with MO and MT up 12.
EU Commission data showed a total of 16.76 MMT of soft wheat imports from July 1 to April 20, well above the 14.9 MMT from last year.
May 25 CBOT Wheat closed at $5.35 1/2, down 3 cents,
Jul 25 CBOT Wheat closed at $5.50 1/4, down 2 cents,
May 25 KCBT Wheat closed at $5.46, down 4 3/4 cents,
Jul 25 KCBT Wheat closed at $5.58 1/4, down 5 1/2 cents,
May 25 MGEX Wheat closed at $5.95 1/2, down 4 1/2 cents,
Jul 25 MGEX Wheat closed at $6.10 1/4, down 3 3/4 cents,
