Wheat May '20 (ZWK20)
Wheat Futures Market News and Commentary
It’s a Turnaround Tuesday so far for wheat futures, with SRW giving back the most. SRW wheat futures are down 8 cents in May. HRW wheat futures are down 4 1/2 cents at midday. MPLS wheat futures are trading 3 cents lower. Traders anticipate the Thursday update to WASDE numbers will show a negligible 200k MT cut to World wheat ending stocks. Pre-report estimates for U.S. ending stocks are for a 7.4 mbu increase to 947.4 mbu. Winter wheat condition ratings from the Crop Progress report were 360 on the Brugler500 Index, down 1 point vs. last year at this time. March wheat exports from France to non E.U. destinations totaled 1.63 MMT, which was a record for the month. MYTD France has exported 9.4 MMT to non-EU nations. Turkey is tendering for 250,000 MT of wheat, closing 04/30. Japan issued their weekly tender, seeking 128,760 MT of wheat from the U.S. and Australia.
May 20 CBOT Wheat is at $5.47 3/4, down 8 cents,
May 20 KCBT Wheat is at $4.71 1/4, down... Read more
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