Wheat

Wheat futures are trading 2 to 3 cents higher in Chicago this morning. The KC HRW and MPLS spring wheat futures are up 5 to 6 cents. They settled Monday with most CBT and MPLS contracts 9 to 11 cents lower, as KC was down 17 to 18 cents in the front months. Cash HRW prices are hovering around their 2017 highs. Overall winter wheat conditions reported by USDA deteriorated by 1 point on the Brugler500 index to 284. That mainly came from a larger increase in v/vp ratings, with gd/ex up 1% to 31%. The crop was 9% headed as of Sunday, with the average at 10% and last year at 18%. The USDA also showed the spring wheat crop 3% planted vs. the average of 15%. All wheat export shipments for the week of 4/12 were shown at 483,058 MT by the USDA on Monday. That was 11.95% above the week prior but 29.53% lower than this week in 2017.




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