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Market Commentary

Afternoon Comments 05/24


Wheat futures were probably ripe for pre-holiday profit taking Friday after having surged Wednesday and Thursday. Traders were simply less willing to hold onto positions ahead of the three-day weekend. That seemed especially true with the equity markets under substantial pressure throughout the early going. July CBOT wheat futures declined 5.75 cents to $6.975/bushel to end the week, while July KCBT wheat plunged 7.75 cents to $7.4575, and July MGE futures fell 6.75 cent to $8.0575.
Market Info

USDA: Winter wheat conditions mixed

USDA  |   March 12, 2013
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Winter wheat conditions at the end of February 2013 are not as favorable as they were last year for the Plains states that provide data about current crop conditions.

Nebraska’s winter wheat crop, for example, has 50 percent rated poor to very poor and only 12 percent rated good to excellent. A year ago, only 6 percent of the State’s crop rated poor to very poor and 65 percent was rated good to excellent.

Winter wheat conditions are also worse th is year than last in Oklahoma, South Dakota, Kansas, and Texas at the end of Fe bruary 2013. In Oklahoma, 54 percent of the winter wheat is rated poor to very poor while only 9 percent is rated good to excellent.

A year ago, only 7 percent of the Oklahoma crop was rated poor to very poor and 67 percent of the crop was good to excellent. In South Dakota, 66 percent of the winter wheat is rated poor to very poor while only 3 percent is rated good to excellent.

A year ago, 31 percent of the South Dakota crop was rated poor to very poor and 29 percent of the crop was good to excellent. In Kansas, 36 percent of the winter wheat is rated poor to very poor while 23 percent is rated good to excellent.

A year ago, only 11 percent of the Kansas crop was rated poor to very poor and 52 percent of the crop was good to excellent. In Texas, 45 percent of the winter wheat is rated poor to very poor while 18 percent is rated good to excellent.

A year ago, 43 percent of the Texas crop was rated poor to very poor and 31 percent of the crop was good to excellent. Two other reporting States, Montana and Illinoi s, are in better shape than the Plains States. In Montana, only 10 percent of the crop rated poor to very poor and 38 percent rated good to excellent.

A year ago at this time, the Montana crop had 12 percent rated poor to very poor and 24 per cent rated good to excellent. In Illinois,only 2 percent of the crop rated poor to very poor at the end of February and 69 percent rated good to excellent.

A year a go at this time, the Illinois crop had 2 percent rated poor to very poor and 81 percent rated good to excellent.

Source: Wheat Outlook


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