The wheat complex is trading with losses at midday. Kansas City is leading the way, with losses of 8 to 9 cents. Chicago contracts are 4 to 6 ¼ cents in the red at midday. MPLS is slipping another 4 to 6 cents lower on the session.

The FGIS Export Inspections report indicated all wheat exports of 551,278 MT in the week that ended on April 11. That was a 6.6% increase from the week prior and more than double the same week during 2023. Of that total 195,145 MT was headed to China, with 103,377 MT to the Philippines and 80,893 MT to Mexico. Marketing year inspections for wheat are now at 15.921 MMT (585 mbu), which is 9.2% below the same time last year and slowly chipping away. 

Some precip is being added into portions of the Southern Plains for the next week, with the 6-10 day outlook showing above normal odds for precip in that period. The trade is expecting a slight drop to the winter wheat condition ratings ahead of this afternoon’s Crop Progress report, with the average trade guess at 55% gd/ex, vs 56% last week. Spring wheat planting pace is projected to be listed at 7% complete. 

May 24 CBOT Wheat  is at $5.49 3/4, down 6 1/4 cents,

Jul 24 CBOT Wheat  is at $5.65 1/4, down 5 1/2 cents,

May 24 KCBT Wheat  is at $5.81 1/4, down 8 1/2 cents,

Jul 24 KCBT Wheat  is at $5.78, down 9 cents,

Jul 24 MGEX Wheat  is at $6.44, down 6 cents,