Wheat futures are 5 to 8 cents higher this morning after closing Monday with 9 to 16 cent gains in the front months on Monday. KC HRW is the bull leader. There was some short covering in Chicago on Monday, with preliminary OI down 4,222 contracts. The Southern Plains continue to see abnormal moisture for this time of year, causing some disease concerns in the HRW crop. The weekly Crop Progress report showed the winter wheat crop 54% headed, lagging normal by 12%. Texas is 8% harvested, matching the average pace. Condition ratings saw a 2% boost to 66% gd/ex, with the Brugler500 index up another 3 to 372 points. Spring wheat planting was in line with estimates at 70% complete, vs. the 80% average and 76% last year. Emergence at 26% still lags the 5-year average pace by 25%. Export Inspections for wheat during the week of May 16 totaled 757,704 MT. That was a 13.74% drop from the previous week but more than double the same week last year. YTD shipments are now 2.28% larger yr/yr at 23.58 MMT (866.4 mbu).
--provided by Brugler Marketing & Management