KCBT Red Wheat (P) Futures PricesTuesday, May 22nd, 2012

Wheat is trading lower for all three exchanges but off earlier session lows and in the upper portion of the days price range as of this writing. The Brugler500 Index dropped to 353 after the USDA condition ratings came out. That was down 2 points from the previous week. HRW ratings were down 7 points at 341. The Kansas rating was particularly hard hit with the heat and dryness recently. Export inspections were down 19.2% from a year ago. The marketing year ends May 31, so there are exactly two weeks of data remaining. USDA shows 79% of the winter wheat headed, vs. 59% average. Spring wheat planting is 99% done versus the five year average of 78%. The first crop condition rating of the year for spring wheat was pretty good, with 74% rated good or excellent.

Jul 12 CBOT Wheat is at $6.96 1/2, down 7 1/2 cents,
Jul 12 KCBT Wheat is at $7.11 1/4, down 3 3/4 cents,
Jul 12 MGEX Wheat is at $7.91 3/4, down 5 cents
Sep 12 MGEX Wheat is at $7.92 3/4, down 2 1/4 cents