Wheat is showing 4 to 7 cent gains early on Tuesday. The wheat market was sharply higher across all three exchanges on Monday, following a White House fact sheet release over the weekend. Chicago SRW futures were 17 ¾ to 28 ¾ cents higher across the board. New buying interest was noted, up 10,104 contracts. KC HRW futures were 13 to 16 ¼ cents in the green at the close. OI was up 2,608 contracts. MPLS spring wheat was up 16 ¼ to 18 ¼ cents on the day. Much of the buying was due to a White House fact sheet on the US/China talks from last week, in part stating that China will purchase at least $17 billion per year of U.S. agricultural products for the next three years in addition to the previous soybean commitments.
Crop Progress data showed the US spring wheat crop at 73% planted, now 7 percentage points ahead of the 5-year average pace of 66%. Emergence was pegged at 39%. The winter wheat crop was at 71% headed, which was 13 percentage points head of normal. Condition ratings were down 1% to 27% gd/ex. The Brugler500 index was down 6 points to 271.
