Wheat Futures Market News and Commentary
Wheat futures finish the first trade day of the week in the black, with SRW futures leading the way. SRW wheat futures closed with 5 3/4 to 6 1/2 cent gains. KC HRW wheat futures were 3 1/4 to 3 3/4 cents higher. MPLS wheat futures closed 2 1/4 to 2 1/2 cents higher. Winter wheat condition ratings from the Crop Progress report were 360 on the Brugler500 Index, down 1 point yr/yr. Oregon wheat ratings were the highest on the Brugler500, with a 423. Wheat exports from the week ending April 02 were 320,371 MT. That was down 64,837 MT from last week and was 42.4% below the same week last year. U.S. wheat shipments on the week were only directed to 11 nations. Mexico was the top destination with 53,688 MT. HRW wheat was 58.1% of the week’s exports. The April update to USDA’s supply and demand tables is scheduled for Thursday, and traders anticipate a 5.4 mbu cut to 19/20 wheat exports. That would still be 6.2% above 18/19’s level.
May 20 CBOT Wheat closed at $5.55 3/4... Read more