The wheat market is facing pressure at midday. Kansas City futures are leading the way lower, with losses of 12 to 18 ¾ cents. Chicago contracts are down 4 to 10 cents at midday. MPLS spring wheat is 2 to 4 cents lower on the session so far. KC and Chicago wheat futures price limits are set to be trimmed by a dime on Wednesday to 40 cents after the CME did their bi-annual review.

There were a hefty 1,151 contracts delivered against May wheat futures overnight, justifying the spec funds’ haste in exiting last week. Marex customers issued 1000 contracts, with stoppers all over the street. There were zero deliveries against KC HRW futures. Deliverable stocks of HRS wheat on the MGE were at just 10.8 million bushel, down 22% from the same week last year.

Monday afternoon’s Crop Progress report showed 30% of the US winter wheat crop headed as of 4/28. That was 9% ahead of the normal pace. Condition ratings were down 1% to 49% gd/ex, with the Brugler500 index down 2 points to 334. Much of the deterioration came vis the HRW states, as KS was down another 12 points,, with NE and OK 8 points lower wk/wk, as CO was down 20. The SRW states were mostly improving, with IL up 8 points, IN 2 points higher rand OH unch. 

The spring wheat crop was 34% planted, well above the 19% average pace. Each of the reported states were well above normal, with MN 37% faster than average and ND 9% ahead of schedule. The crop was also 5% emerged, with the average pace at 5%.

Offers have come in for Jordan’s tender of 120,000 MT of wheat, with results expected later today.

May 24 CBOT Wheat  is at $5.79 1/2, down 10 3/4 cents,

Jul 24 CBOT Wheat  is at $6.02 1/4, down 6 1/4 cents,

May 24 KCBT Wheat  is at $6.25, down 18 3/4 cents,

Jul 24 KCBT Wheat  is at $6.35 3/4, down 14 3/4 cents,

Jul 24 MGEX Wheat  is at $7.05 1/4, down 2 1/2 cents,