Wheat Rally Extends to Fresh Highs

The wheat complex posted a double digit rally across the three exchanges on Tuesday. Chicago SRW futures were 17 to 28 1/4 cents higher on Tuesday. KC HRW futures were up 18 to 29 ½ cents across most contracts. MPLS spring wheat was 12 1/2 to 21 1/2 cents higher across the board.

Crop Progress data showed the US spring wheat crop at 19% planted, now 3 percentage points behind the pace from the last 5 years (22%). Planting progress in MN was 10 percentage points behind normal, with ND lagging by 6% and SD 1 back of normal. Emergence was pegged at 5%. 

The winter wheat crop was at 34% headed, which was 13 percentage points head of normal. Condition ratings were unchanged 30%, though the Brugler500 index was down 3 points to 287 on a 2% drop out of fair to poor (+1%) and very poor (+1%). The only of the 18 states reported to see any improvement on the Brugler500 index was AR (+35), IL (+2) IN (+1), and OK (+1). Sharp drops were noted in CO (-13), MT (-18), NE (-26), NC (-16), and OR (-19), with KS slipping 2 points and TX down 3. An average of the main HRW states was 244, which was the second lowest for the week going back to 2000.

The next 7-day’s via the NOAA forecast looks dry in much of Kansas, with parts of OK and TX seeing 1 to 2 inches. With OK at 43% headed and TX at 65%, that may come too late. 

The EU soft wheat exports from July 1 to April 24 were tallied at 19.28 MMT, up 1.18 MMT from the same period last year, according to the European Commission. 

May 26 CBOT Wheat  closed at $6.49, up 27 1/2 cents,

Jul 26 CBOT Wheat  closed at $6.57 3/4, up 28 cents,

May 26 KCBT Wheat  closed at $6.96 3/4, up 29 1/2 cents,

Jul 26 KCBT Wheat  closed at $7.02 1/4, up 27 cents,

May 26 MIAX Wheat  closed at $6.98 1/2, up 21 1/2 cents,

Jul 26 MIAX Wheat  closed at $7.13 1/4, up 18 3/4 cents,

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