Wheat (P) Futures PricesThursday, May 23rd, 2013
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Wheat futures are trading 1 to 4 cents higher after double digit gains in KC and CHI yesterday. USDA reported combined weekly export sales of 953,000 MT, including 239,400 MT of old crop. May 31 is the last day for old crop wheat to be shipped, so the rush shipment boosted nearby futures. Cumulative export commitments are now 97% of the USDA forecast for the year. They would typically be above 100% with two weeks remaining in the year, so another larger than usual sales report is needed next week. China continues to sell reserve wheat back into the market ahead of harvest. They moved 260,000 MT of 775,000 MT offered. The EU is still approving wheat exports, adding another 247,000 MT of licenses yesterday. The YTD total is 17.6 MMT vs. 12 MMT last year. That is 206 million bushels the US did not get to sell. South Korea bought 114,000 MT of optional origin wheat. Dow Jones reported that South Korea has bought over 700,000 MT of corn and wheat in the last 18 days.
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