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Wheat Futures Close in Red

Alan Brugler - Barchart - Mon May 17, 9:36PM UTC

Related Stocks

ZWK24 - Wheat

Sym	Last	Chg	Pct
ZWK24	573-0	+2-6	+0.48%
KEK24	600-6	+3-2	+0.54%
MWK24	661-0	+5-2	+0.80%

Monday wheat trading left contracts off the lows but still in the red for the close. CBT futures ended the session 7 to 7 1/2 cents weaker, though July was down by as much as 12 cents at one point. KC HRW futures also bounced back some and closed with 5 1/2 to 6 3/4 cent losses. Spring wheat futures were the weakest on the day with 18 to 25 3/4 cent losses.

The spring wheat planting pace was 15 percent points through the week ending 5/16, as NASS reported 85% of the expected spring wheat area was planted. The 5-yr average is to be 71% planted. Most of the remaining area is in MT and ND, which match and exceed their pace by 20% points respectively. Spring wheat emergence was reported at 47%, compared to the average 36%.

The Crop Progress report showed 53% of the winter wheat crop was headed as of May 16 vs. the 5-yr average of 58%. Conditions were reported 3 points worse on the Brugler500 index to 330. Condition ratings were down the most in Oregon, though partially offset by better scores in CA and IL.

China’s Ag Ministry noted “disastrous weather” conditions, referring to heavy rain, hail, and strong winds, in wheat area along the Yangtze River that could adversely affect the crops during the vital fill stage.

Export Inspections data showed 658,509 MT of wheat was shipped during the week ending 5/13. That was up 17% on the week and was 34% above the same week last season. After adding 18,510 MT to past reports, the season’s total wheat exports are 24.374 MMT (895.592 mbu) or 93% of USDA’s revised forecast.

Jul 21 CBOT Wheat closed at $6.99 3/4, down 7 1/2 cents,

Cash SRW Wheat was $6.74 1/3, down 7 5/8 cents,

Jul 21 KCBT Wheat closed at $6.52 1/4, down 5 1/2 cents,

Cash HRW Wheat was $6.24 4/9, down 4 3/4 cents,

Jul 21 MGEX Wheat closed at $7.15, down 25 3/4 cents,

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