Wheat is showing 2 to 3 cent losses across the front months in the three exchanges on Tuesday morning. The wheat complex posted Monday losses across the three markets. Chicago SRW futures were 16 to 17 cents lower in the nearbys. Open interest was down 1,004 contracts, with 1,973 dropping in May. KC HRW futures saw Monday weakness of 13 to 14 cents. OI was up 1,419 contracts, suggesting some new selling interest. MPLS spring wheat was down 10 to 12 cents at the close. Crude oil was back down $4.49.
Export Inspections data showed wheat at 343,022 MT (12.6 mbu) shipped in the week that ended on March 2. That was down 31.2% from last week, and 30.81% below the same week last year. Mexico was the top destination of 79,566 MT, with 62,647 MT to the Philippines and 56,699 MT to Bangladesh. Marketing year shipments have totaled 19.47 MMT (715.4 mbu), which is up 18.67% yr/yr.
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The Kansas Crop Progress report showed winter wheat conditions down 4% to 52% good/excellent, with the Brugler500 index down 9 points to 339.
May 26 CBOT Wheat closed at $5.97 1/4, down 16 1/2 cents, currently down 3 cents
Jul 26 CBOT Wheat closed at $6.07 3/4, down 16 3/4 cents, currently down 2 1/2 cents
May 26 KCBT Wheat closed at $6.16 1/2, down 13 1/2 cents, currently down 33 cents
Jul 26 KCBT Wheat closed at $6.30 1/2, down 13 1/4 cents, currently down 3 cents
May 26 MIAX Wheat closed at $6.34, down 11 1/2 cents, currently down 2 1/4 cents
Jul 26 MIAX Wheat closed at $6.49 1/2, down 10 3/4 cents, currently down 2 1/2 cents
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