After KC gained 61 1/4 cents against Chicago through the month of March, April’s first trade day saw a mixed close the other way. SRW prices ended the session 1 1/4 to 3 3/4 cents higher. KC HRW futures settled the day fractionally to 2 1/2 cents lower. MGE HRS prices were 1 3/4 to 4 1/4 cents lower at the close. The May SRW/HRW spread now favors KC by $1.81 3/4 per bushel, where the new crop spread has a $1.54 1/2 HRW premium.
The first national Crop Progress report from NASS showed that 6% of winter wheat was headed as of 4/2. That is 4% points ahead of normal. The winter wheat condition was 30% good/ex nationally for a Brugler500 score of
USDA’s weekly Export Inspections report had 168,543 MT shipped for the week that ended 3/30. That was 58% below last week’s export and was 47% lower than the same week last year. The accumulated wheat export was 16.859 MMT as of 3/30, trailing last year’s 17.218 MMT pace.
May 23 CBOT Wheat closed at $6.93 1/2, up 1 1/4 cents,
Jul 23 CBOT Wheat closed at $7.06 3/4, up 2 1/4 cents,
Cash SRW Wheat was $6.36 3/8, up 2 3/4 cents,
May 23 KCBT Wheat closed at $8.75 1/4, down 2 1/2 cents,
Cash HRW Wheat was $8.37 7/8, down 6 1/8 cents,
May 23 MGEX Wheat closed at $8.91 3/4, down 4 cents,
On the date of publication, Alan Brugler did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here.