Wheat Moves Lower

Chicago Wheat Futures have extended Monday's losses and are trading lower on Tuesday. May Chicago Wheat is trading at 495, down 5 cents. July Chicago wheat is trading at 499, down 5 cents. May Kansas City Wheat is trading at 523 3/4, down 2 cents. State agricultural departments released wheat growing conditions after the close Monday. Looking at the data, good moisture for U.S. growing has occurred. The long-term weather forecast show some warmer weather and a bit less rain. Kansas wheat is rated 44 percent good/excellent, up from 23 percent last year. Poor to very poor conditions were 12 percent. Oklahoma wheat is 42 percent good/excellent. Texas is 46 percent good/excellent. Nebraska was rated 62 percent good/excellent Colorado saw improvement to 48 percent good to excellent. Illinois wheat was rated 47 percent good/excellent. Australia estimated a rise in wheat production to 24.39 million tons versus 23.61 million last month.