Wheat futures are pulling back on Tuesday after the last couple weeks of rallying, as winter wheat conditions were shown to improve slightly. Chicago contracts are down 5 to 7 cents at midday. Kansas City futures are down 8 to 15 cents on the day. MPLS spring wheat is 7 to 9 cents in the red. 

Some delivery receipts are still trying to find a home for CBT May futures, with 111 deliveries overnight and no obvious strong hands.  Speaking of strong hands, the oldest long in KC May wheat is dated 12/6/23 and still patiently waiting for delivery (these have been none to date). 

Weekly Crop Progress data released on Monday afternoon indicated a slight improvement to the US winter wheat condition ratings at 50% gd/ex, up 1%. The Brugler500 index was up 1 point to 335. Overall ratings in KS were down 3 points, with TX slipping 7, as OK was up 16. The crop was 43% headed, compared to the 32% average maturity for this date. The spring wheat crop was seen at 47% planted, up from the 31% average pace over the last 5 years. The crop was also 12% emerged, 3% faster than normal.

Stats Canada showed March 31 wheat stocks at 11.75 MMT, a 15.4% drop from last year, with all wheat excluding durum down 23.7% at 10.105 MMT. Japan is tendering for 114,077 MT of wheat from US, Australia, and Canada in their weekly MOA tender, with 46,592 MT US specific.

May 24 CBOT Wheat  is at $6.32 3/4, up 1/2 cent,

Jul 24 CBOT Wheat  is at $6.41 3/4, down 7 cents,

May 24 KCBT Wheat  is at $6.70, down 15 cents,

Jul 24 KCBT Wheat  is at $6.65, down 10 1/4 cents,

Jul 24 MGEX Wheat  is at $7.17 3/4, down 7 3/4 cents,