Wheat is trading with losses so far on Tuesday morning. The wheat complex closed with contracts mixed across the three markets. Chicago SRW futures saw gains of 3 ¼ to 6 ½ cents on the session. New buying was noted, with open interests up 7,626 contracts. KC HRW futures were steady across the front months and fractionally to 5 cents higher in the deferreds. There were 39 deliveries noted for May KC wheat overnight. MPLS spring wheat was down 2 ½ to 5 cents in most contracts, with nearby May 16 ¼ cents lower.
Crop Progress data showed the US spring wheat crop at 32% planted, now 3 percentage points behind the pace from the last 5 years (35%). Emergence was pegged at 10%. The winter wheat crop was at 49% headed, which was 17 percentage points head of normal. Condition ratings were up 1% to 31% gd/ex, though a 2% increase in poor/very poor ratings was also noted. Brugler500 index was down 1 point to 286.
