The wheat complex is mixed so far, as the hard red contracts are posting a Turnaround Tuesday. MPLS spring wheat is leading the charge, with gains of 4 to 5 ½ cents. Kansas City contract are steady to 5 cents higher. Chicago contracts are fractionally to 3 cents in the red.

Egypt’s GASC is looking for wheat, with results expected later today, as no US offers were presented.  Japan is seeking 94,612 MT of wheat from the US and Canada, with 34,272 MT US specific. Ukraine’s ag ministry estimates the country’s 2024 wheat crop at 19 MMT, a 3.5 MMT decline from the year prior.

NASS Crop Progress data tallied 11% of the US winter wheat crop as headed, 4% above the average pace and 2% faster than last year. Winter wheat conditions slipped 1% to 55% good/excellent, in line with what the trade was expecting. That dropped the Brugler500 index score 2 points to 346, with most coming from HRW country. Much of the deteriorating conditions came in KS, down 15 points to 326, with OK down 9 points and TX improving 7. Spring wheat planting pace was 7% complete, on par with estimates, 5% above last year’s pace and above the 6% average. 

May 24 CBOT Wheat  is at $5.51 1/2, down 1/4 cent,

Jul 24 CBOT Wheat  is at $5.67, down 1/2 cent,

May 24 KCBT Wheat  is at $5.89, up 5 cents,

Jul 24 KCBT Wheat  is at $5.84 1/2, up 3 3/4 cents,

Jul 24 MGEX Wheat  is at $6.49, up 5 cents,