Wheat futures were higher overnight, attempting a Turnaround Tuesday after losses yesterday. On Monday, wheat rallied off the lows but still closed lower. CBT futures ended the session 7 to 7 1/2 cents weaker. KC HRW futures also bounced back some and closed with 5 1/2 to 6 3/4 cent losses. Spring wheat futures were the weakest on the day with 18 to 25 3/4 cent losses on better rain prospects in spring wheat country. 

The spring wheat planting pace was 15 percent points through the week ending 5/16, as NASS reported 85% of the expected spring wheat area was planted. The 5-yr average is to be 71% planted. Spring wheat emergence was reported at 47%, compared to the average 36%. 

The Crop Progress report showed 53% of the winter wheat crop was headed as of May 16 vs. the 5-yr average of 58%. Conditions were 3 points worse on the Brugler500 index @ 330. Condition ratings were down the most in Oregon, though partially offset by better scores in CA and IL. 

USDA Export Inspections data showed the season’s total wheat exports are 24.374 MMT (895.592 mbu) or 93% of USDA’s revised forecast, with 15 days to go. 

Jul 21 CBOT Wheat  closed at $6.99 3/4, down 7 1/2 cents, with 5 ½ cent gains this morning

Cash SRW Wheat  was $6.74 1/3 yesterday, down 7 5/8 cents,

Jul 21 KCBT Wheat  closed at $6.52 1/4, down 5 1/2 cents, and up 7 ½ this morning

Cash HRW Wheat  was $6.24 4/9 yesterday, down 4 3/4 cents,

Jul 21 MGEX Wheat  closed at $7.15, down 25 3/4 cents, and up 7 this morning