Wheat (P) Futures PricesThursday, May 23rd, 2013
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Latest Brugler Wheat (P) Report
Wheat futures settled higher at all three exchanges. USDA was expected to show net US weekly export sales of 400-700,000 MT for last week. USDA put the actual number at a strong 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. Some of the old crop sales were rolled over from the unknown destinations category, so the increase in net sales was not as large as it could have been. 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.
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