Domestic wheat futures closed the Monday session off their lows, but still in the red. CBT SRW prices ended the session 8 to 10 3/4 cents lower with May the weakest. KC HRW futures closed 7 1/2 cents in the red. MGE prices were 10 1/4 to 11 1/4 cents weaker on Monday. 

USDA’s weekly Crop Progress update showed winter wheat was 5% headed as of 4/11. That is down from the 5yr average of 7%. Overall winter wheat conditions were down 1 point on the Brugler500 Index to 337. Conditions in CA, ID, and TX were sharply lower but partially offset by improvements in OH, SD, and WA. Spring wheat planting had progressed 8 ppts through the week ending 4/11. Planting is now 11% complete compared to the 6% average.

Wheat shipments from the week ending 4/8 were reported at 458,432 MT via USDA Export Inspections data. That was down from +600k MT LW and down from +600k MT the same week last year. White wheat was again the top variety for the week’s total with 125k MT, HRS shipments were reported at 123k MT. The top destination for the week was the Philippines, however 67,999 MT were shipped to China during the week.

China sold 515,209 MT of wheat from state reserves during last week’s auction. That was just 12.8% of the offer, and the average price was 2,349 yuan/MT (~ $9.76/bu).

Russia’s IKAR raised their production forecast 1.2 MMT to 81 MMT for 2021 citing favorable weather conditions.

Cash SRW Wheat  was $6.00 1/2, down 10 1/2 cents,

May 21 CBOT Wheat  closed at $6.28, down 10 3/4 cents,

Jul 21 CBOT Wheat  closed at $6.31 1/4, down 9 1/4 cents,

Cash HRW Wheat  was $5.47 1/3, down 7 5/8 cents,

May 21 KCBT Wheat  closed at $5.79, down 7 1/2 cents,

Jul 21 KCBT Wheat  closed at $5.86 3/4, down 7 1/2 cents,

May 21 MGEX Wheat  closed at $6.42 3/4, down 11 1/4 cents,