The wheat complex faced initial selling overnight, but bulls woke up with a vengeance to rally all three exchanges on Monday. Chicago contracts ended out the day with gains of as little of 10 ¼ cents in the deferreds to 26 ¼ cents for the nearbys. Kansas City futures were 11 ¼ to 25 cents in the green across the board. MPLS spring wheat futures were dragged along, as contracts were up 9 ½ to 13 cents across most months at the close. 

Wheat shipments during the week that ended on May 2 totaled 321,124 MT. That was a sharp drop of 36.13% from the previous week but an increase of 48.64% from the same week last year. The Philippines was the top destination of 128,609 MT, as 110,005 MT was headed to Mexico. Year to date shipments as we head into the last month MY are 17.26 MMT, a decline of 6.54% from the same point last year.  

Weekly Crop Progress data released this afternoon indicated a slight improvement to the US winter wheat condition ratings at 50% gd/ex, up 1%. The Brugler500 index was up 1 point to 335. The crop was also listed at 43% headed, compared to the 32% average pace. The spring wheat crop was seen at 47% planted, up from the 31% average pace over the last 5 years. The crop was also 12% emerged, 3% faster than normal.

May 24 CBOT Wheat  closed at $6.32 1/4, up 26 1/4 cents,

Jul 24 CBOT Wheat  closed at $6.48 3/4, up 26 1/4 cents,

May 24 KCBT Wheat  closed at $6.85, up 25 cents,

Jul 24 KCBT Wheat  closed at $6.75 1/4, up 25 cents,

Jul 24 MGEX Wheat  closed at $7.25 1/2, up 11 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.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.