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Wheat Falling Lower at Midday

Barchart - Tue May 14, 11:57AM CDT

The wheat complex is sparking a Turnaround Tuesday, as contracts are down across the three exchanges at midday. Chicago contracts are 11 to 18 cents lower most nearby contracts. Kansas City futures are 15 to 19 ½ cents in the red. MPLS spring wheat futures are 6 to 9 cents in the red.

Monday afternoon’s NASS Crop Progress report tallied the US winter wheat crop at 57% headed, 15% faster than the normal development pace. Condition ratings were unchanged at 50% gd/ex, with some shift in the ratings taking the Brugler500 index down 1 to 334. Ratings were down 4 points in KS, 3 points in OK, and 11 points in TX. Much of the SRW states saw some improvement, up 11 points in IL, 3 in IN, and OH unch. The spring wheat crop was 61% planted by Sunday, 13% above the normal pace. Emergence was also 25%, 7% above normal. 

We will get actual yield updates this week with the Wheat Quality Council HRW Tour beginning today. The next 7 days is offering very limited precip for much of Western KS.

Japan is looking for 121,516 MT of wheat from the US, Canada, and Australia in their weekly ministry of ag tender, with 23,900 MT US specific.  

Jul 24 CBOT Wheat  is at $6.69 1/4, down 17 3/4 cents,

Sep 24 CBOT Wheat  is at $6.89 1/2, down 17 cents,

Jul 24 KCBT Wheat  is at $6.80 3/4, down 19 1/4 cents,

Sep 24 KCBT Wheat  is at $6.94 1/2, down 18 1/2 cents,

Jul 24 MGEX Wheat  is at $7.28 3/4, down 9 1/2 cents,


On the date of publication, Alan Brugler 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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