The wheat complex was mixed on Tuesday, with the soft red contracts higher. Chicago SRW futures posted 1 to 3 cent in the red on the day. KC HRW futures saw fractional losses at the close. MPLS spring wheat was down 3 to 4 cents in the front months.
Crop Progress data indicated 7% of the US winter wheat crop headed, ahead of the 5% 5-year average. The first condition rating for the year pegged the crop at 35% good/excellent, well below the average 42% estimate from analysts. That was shy of the 48% to start last year. The Brugler500 index (100-500 weighted scale) was at 298 points, which was 30 points below the start of last year. That was the 7th lowest start to the crop since 1990. The first Crop Progress report of the year showed the spring wheat crop at 2% planted, behind the 2% average pace.
Analysts are looking for USDA to trim the US ending stocks estimate by 8 mbu to 923 mbu in Thursday’s WASDE according to a Bloomberg survey.
Argus estimates the Russian wheat crop at 88.7 MMT, an increase of 1.2 MMT from their previous number. European Commission data shows 18 MMT of EU wheat exports from July 1 to April 5, which is 1.21 MMT above the same time last year.
May 26 CBOT Wheat closed at $5.98, up 2 3/4 cents,
Jul 26 CBOT Wheat closed at $6.08 1/4, up 1 3/4 cents,
May 26 KCBT Wheat closed at $6.07 1/2, down 3/4 cent,
Jul 26 KCBT Wheat closed at $6.23, down 3/4 cent,
May 26 MIAX Wheat closed at $6.41, down 3 1/2 cents,
Jul 26 MIAX Wheat closed at $6.55 1/4, down 3 1/2 cents,
