KCBT Red Wheat (P) Futures PricesMonday, May 21st, 2012

Wheat futures settled higher at all three exchanges. Concern for winter wheat yields was justified, with the Brugler500 Index dropped to 353 from 355. HTW ratings were down 7 points at 341. The Kansas rating was particularly hard hit. Private exporters reported to the U.S. Department of Agriculture export sales of 100,000 metric tons of hard red winter wheat for delivery to Iraq during the 2012/2013 marketing year. Export inspections released this morning were 24.89 Mbu vs. 28 Mbu last week and 31.2 Mbu the same week last year. 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. They have 3% of the US harvested, with Texas at 11% and Oklahoma at 14%.

Jul 12 CBOT Wheat closed at $7.04, up 8 3/4 cents,
Jul 12 KCBT Wheat closed at $7.15, up 10 cents,
Jul 12 MGEX Wheat closed at $7.96 3/4, up 4 3/4 cents