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

Wheat was unable to escape the sell off in the other grains and closed lower on all three exchanges. The crop conditions did deteriorate from last week, especially in KS but are still significantly better than last year. The latest 6 to 10 day forecast is calling for normal precipitation in NE and most of KS. 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. Wheat supplies at export terminals and elevators were down 2.553 million bushels from the previous week.

Jul 12 CBOT Wheat closed at $6.85 1/2, down 18 1/2 cents,
Jul 12 KCBT Wheat closed at $7.01 1/2, down 13 1/2 cents,
Jul 12 MGEX Wheat closed at $7.80 1/2, down 16 1/4 cents