Wheat futures are 2 to 6 cents higher this morning on broad buying across the grain complex. KC HRW is the stronger of the three markets, with spring wheat lagging. They posted 8 to 12 1/4 cent gains in most winter wheat contracts on Monday, with MPLS 1 to 5 cents higher. Preliminary OI in Chicago SRW was up 2,999 contracts, indicating some net new buying interest. The weekly Export Inspections report showed a robust 842,418 MT of wheat shipped in the week of May 9. That was 56.73% larger wk/wk and 80.40% above the same week last year! USDA showed 42% of the winter wheat crop headed as of Sunday, behind the 54% average. Conditions were rated 64% gd/ex, with 3% moving from good to excellent. That pushed the Brugler500 Index 3 points higher to 369. Spring wheat planters managed to find some dry ground last week with progress moving 23% to 45% complete by Sunday. That was above estimates, yet shy of the average at 67% and last year’s 54%. The crop was shown 10% emerged, well behind the normal pace of 34%.
--provided by Brugler Marketing & Management