Ag Valley Coop -

Double Digit Losses for Wheat

Alan Brugler - Barchart - Mon May 03, 9:45PM UTC

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ZWN21 - Wheat

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KEN21	617-4s	+5-0	+0.82%
MWK24	647-0s	+8-2	+1.29%

At the closing bell for the first trade day of May, winter wheat futures were down double digits. CBT SRW futures closed with losses of as much as 16 3/4 cents in the front months. HRW futures ended the session down 12 to 15 3/4 cents. Spring wheat futures also closed in the red with losses of 5 to 7 3/4 cents.

Spring wheat planting was reported at 49% complete as of 5/2. The average is to be 32% planted. Spring wheat emergence was 4 ppts ahead of average with 14% of new crop emerged as of 5/2. Winter wheat conditions were down 1 point on the Brugler500 index to 329. Oregon conditions were down the most with a 50 point drop from 349 on the Brugler500. MT was also significantly lower on the week. KS winter wheat conditions were a 345 on the Brugler500, up 6 points wk/wk.

The weekly Export Inspections report showed 509,932 MT of wheat was shipped through the week ending 4/29. That was down from 581k MT last week and 588k MT from the same week last season. Spring wheat and white wheat were the top varieties for the week’s export, as HRW held a 25% share. China was the top destination for the week’s shipments with 32.5% of the total. Accumulated wheat exports were reported at 849.84 mbu, or 86.3% of USDA’s April forecast.

Cash SRW Wheat was $6.89 1/1, down 21 7/8 cents,

Jul 21 CBOT Wheat closed at $7.18, down 16 3/4 cents,

Cash HRW Wheat was $6.58 6/7, down 11 1/2 cents,

Jul 21 KCBT Wheat closed at $6.88 1/2, down 15 cents,

Jul 21 MGEX Wheat closed at $7.58 3/4, down 5 cents,

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