Wheat futures were mostly 3 to 8 cent lower on Monday, with nearby May expiring today. USDA wheat export inspections for the week of 5/10 were 14.85 mbu by the USDA this morning. That is 21.7% above the previous week but 41.85% behind this time last year. Exports YTD are now lagging last year by 12%, with just 3 more reporting weeks in the marketing year (MY). The winter wheat crop was 45% headed as of Sunday per USDA, 8% below the average. Condition ratings on that date were shown to improve 2% over the week to 36% gd/ex. That put the Bruger500 index at 293, up 5 points wk/wk but down 44 points from this week last year. Spring wheat planting made decent progress over the last week at 58% complete, still lagging the average of 67% for this date. The crop was 14% emerged, 22% below normal. Egypt’s GASC is seeking wheat for mid-June delivery, with the tender due on Tuesday.

May 18 CBOT Wheat closed at $4.80 1/2, down 9 cents,

May 18 KCBT Wheat closed at $4.96 3/4, down 5 cents,

May 18 MGEX Wheat closed at $6.13 1/2, unch,

Market Commentary provided by:

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