Futures are starting Tuesday with gains across the three markets. The wheat complex was lower across all three exchanges at the Monday close. Chicago SRW futures were down 4 ½ to 10 ¼ cents on the day. KC HRW contracts closed the session with losses of 8 ¼ to 10 ¾ cents. Preliminary open interest was up 6,491 contracts in Chicago and 3,901 contracts for KC. MPLS spring wheat posted losses of 6 to 10 cents across the board to end the day.

The weekly Crop Progress report from NASS showed 80% of the crop planted, 4% behind normal, with emergence at 56% compared to the 61% average. The initial condition rating figure tallied 38% of the US crop in good/excellent categories which is down 10% from last year’s number. That translates to a 313 on the Brugler500 index, which encompasses all 5 USDA ratings, and is the second lowest initial rating on record. 

Rains are making their way back into the forecast, with parts of the country ranging from the Texas Panhandle to the Great Lakes, with a range of 1 to up to 5 inches per NOAA’s 7-day QPF.

Weekly Export Inspections report showed wheat exports at 248,534 MT (9.13 mbu), which was a 7.4% drop from last week but up 25.3% from the same week last year. That took the total marketing year shipments to 9.509 MMT (349.4 mbu). That is a 33.5% increase over the same period last year. 

Dec 24 CBOT Wheat  closed at $5.58 3/4, down 10 1/4 cents, currently up 3 3/4 cents

Mar 25 CBOT Wheat  closed at $5.79 1/2, down 9 3/4 cents, currently up 3 1/2 cents

Dec 24 KCBT Wheat  closed at $5.61 1/2, down 10 1/2 cents, currently up 4 cents

Mar 25 KCBT Wheat  closed at $5.75 1/2, down 10 3/4 cents, currently up 3 3/4 cents

Dec 24 MGEX Wheat  closed at $5.95 1/4, down 10 cents, currently up 3 cents

Mar 25 MGEX Wheat  closed at $6.18, down 9 1/2 cents, currently up 3 1/4 cents