Futures are heading lower in early Tuesday morning trade, fading Monday’s gains.  The bulls were charging to rally all three exchanges on Monday. Chicago contracts ended 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. 

Some delivery receipts are still trying to find a home for CBT May futures, with 111 deliveries overnight and no obvious strong hands.  Speaking of strong hands, the oldest long in KC May wheat is dated 12/6/23 and still patiently waiting for delivery (these have been none to date). 

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 48.64% more than 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 of the MY are 17.26 MMT, a lag of 6.54% from the same point last year.  

Weekly Crop Progress data released on Monday 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 43% headed, compared to the 32% average maturity for this date. 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, currently up 2 3/4 cents

Jul 24 CBOT Wheat  closed at $6.48 3/4, up 26 1/4 cents, currently down 12 cents

May 24 KCBT Wheat  closed at $6.85, up 25 cents, currently down 8 cents

Jul 24 KCBT Wheat  closed at $6.75 1/4, up 25 cents, currently down 19 cents

Jul 24 MGEX Wheat  closed at $7.25 1/2, up 11 cents, currently down 12 1/2 cents