The wheat complex is mixed so far on Tuesday morning, with MPLS up2 to 7 cents after overnight trade. CBT SRW futures are down 1 to 3 ¼ with KS 1 to 2 cents lower. The three markets posted losses on Monday. Kansas City was 2 ¾ to 6 ¼ cents lower on the session. Chicago contracts were fractionally to 4 ¼ cents lower at the close. MPLS was down another 3 to 6 cents on the day.

Monday’s FGIS Export Inspections report indicated all wheat exports of 551,278 MT in the week that ended on April 11. That was a 6.6% increase from the week prior and more than double the same week during 2023. Of that total 195,145 MT was headed to China, with 103,377 MT to the Philippines and 80,893 MT to Mexico. Marketing year inspections for wheat are now at 15.921 MMT (585 mbu), which is 9.2% below the same time last year and slowly chipping away. 

Egypt’s GASC is looking for wheat, with the tender to close  today and results expected to follow.

NASS Crop Progress data tallied 11% of the US winter wheat crop as headed, 4% above the average pace and 2% faster than last year. Winter wheat conditions slipped 1% to 55% good/excellent, in line with what the trade was expecting. That dropped the Brugler500 index score 2 points to 346, with most coming from HRW country. Spring wheat planting pace was 7% complete, on par with estimates, 5% above last year’s pace and above the 6% average. Some precip is being added into portions of the Southern Plains for the next week, with the 6-10 day outlook showing above normal odds for precip in that period. 

May 24 CBOT Wheat  closed at $5.51 3/4, down 4 1/4 cents, currently down 3 cents

Jul 24 CBOT Wheat  closed at $5.67 1/2, down 3 1/4 cents, currently down 3 cents

May 24 KCBT Wheat  closed at $5.84, down 5 3/4 cents, currently down 1 cent

Jul 24 KCBT Wheat  closed at $5.80 3/4, down 6 1/4 cents, currently down 1 cent

Jul 24 MGEX Wheat  closed at $6.44, down 6 cents, currently up 3 1/4 cents