International Wheat Market Report 21st May 2017

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Wheat futures were lower on the day, as KC and CBT were the weakest, 9 1/2 to 10 3/4 cents lower in the nearby contracts. Traders were second guessing crop condition ratings. They were wrong, as conditions deteriorated. The Crop Progress report gave us the indication that that it was a little worse, at 51% good/excellent, vs. 53% last week. The Brugler 500 index was at 337, compared to 344 last week and 364 a year ago. So far, 63% of the crop is headed, vs, 66% last year and up from the average of 57%. Spring wheat planting was reported at 78% complete, with the average being 73% and last year at 87%. To this point, 40% of the planted acres are emerged.

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