Wheat Markets Rally into Friday

The wheat futures market is up by double digits so far for Friday. Nearby May and July CBT contracts stayed in the red for the bell with a 1 1/2 and 3/4 cent loss respectively. KC HRW futures closed the day off the highs, but still up by 5 to 8 cents. Preliminary open interest rose 940 contracts in KC HRW, net new buying interest. Spring wheat futures were also up by 6 1/2 to 8 1/4 cents across the front months. 

Weekly Export Sales data showed 125,568 MT of wheat was sold during the week that ended 3/16. That was down from 337k MT last week and from 156k MT during the same week last year, and was below the range of estimates. By class, 39% of the sale was HRW and 27% was durum while white wheat and HRS missed out. USDA’s data had total old crop commitments at 17.864 MMT as of 3/16 – which is 855 of the full year forecast. By class, old crop HRS has 198.8 mbu of commitments – 86.5% of the forecast. SRW is at 87.4% of USDA’s forecasted total with 100.5 mbu, and HRW is 81% of the way there with 178.5. 

Turkey is on the market for 695k MT of wheat. Jordan issued a 120k MT wheat tender and a 110k MT feed barley tender. Taiwan is seeking 56.3k MT of milling wheat to be sourced from U.S. 

May 23 CBOT Wheat  closed at $6.62, down 1 1/2 cents, currently up 16 3/4 cents

Jul 23 CBOT Wheat  closed at $6.74, down 3/4 cent, currently up 16 1/2 cents

Cash SRW Wheat  was $6.09 1/8, down 1 1/2 cents,

May 23 KCBT Wheat  closed at $8.19 3/4, up 8 1/2 cents, currently up 15 3/4 cents

Cash HRW Wheat  was $7.83 3/8, up 8 1/2 cents,

May 23 MGEX Wheat  closed at $8.41 1/4, up 7 1/2 cents, currently up 14 cents