Wheat Futures Market News and Commentary
Thursday was an up day for wheat. CBT futures closed the session 3 1/2 to 5 3/4 cents higher. Through the first half of the month, May SRW is up 30 3/4 cents. KC HRW futures closed the day with gains of 1 1/4 to 4 1/4 cents. May HRW futures are up 30 cents month to date. HRS wheat futures closed Thursday with fractional o 2 3/4 cent gains. May spring wheat is 46 1/4 cents higher since the April open.
USDA reported a net 56,638 MT of old crop cancelations for week ending 4/8. Most of the cancelations were for spring wheat and SRW, and durum wheat had net sales of 459 MT. New crop wheat sales were 274,440 MT for the week. Outstanding sales for 2021/22 are 1.98 MMT, which is 17% higher yr/yr.
Outside of the weekly report, Japan purchased 90,169 MT of wheat from the U.S. and Canada in their weekly MOA tender. The Philippines are tendering for 380k MT of optional origin feed grade wheat.
Cash SRW Wheat was $6.26 1/2, up 6 1/8 cents,
May 21... Read more