Firm Wheat Market After Back and Forth Overnight

Wheat futures are mostly red, but mixed within 2 cents of UNCH this morning. The overnight SRW trade moved July from -5 1/2 to +2 1/2 cents. ome wheat contracts saw new contract lows on Tuesday, as the entire complex worked to new lows for the move. CBT SRW ended the session 8 1/4 to 10 cents weaker, leaving Dec with a new contract low. The KC wheat futures market was 17 to 20 3/4 cents weaker at the close. Spring wheat futures were down by 14 3/4 to 17 1/2 cents. 

There were 309 contracts issued against May futures overnight, predominantly by Cunningham.  Dreyfus stopped another 44 for the house account. 

Ukraine’s Ag Ministry marked their season total wheat export at 14.4 MMT through April. That is down 22% from last year’s volume. 

NASS showed 12% of the spring wheat crop planted as of 4/30. That was 10% points behind the average pace but did not support the market on Tuesday. Winter wheat was marked at 25% headed. National conditions were UNCH Brugler500 reading at 270. At the state level, NE and IL both saw worse conditions from last week, however SD was up by 32 points. 

Egypt’s GASC is in the market for wheat with delivery after June 10.  Results are expected soon, with a huge number of offers on the table.  FOB SRW is competitive, but freight to Egypt is too high vs. Romania or Russia. 

May 23 CBOT Wheat  closed at $5.95 1/2, down 8 1/4 cents, currently up 1/2 cent

Jul 23 CBOT Wheat  closed at $6.09 1/4, down 9 cents, currently down 1 1/2 cents 

Cash SRW Wheat  was $5.49, down 8 3/4 cents,

Jul 23 KCBT Wheat  closed at $7.40 1/4, down 17 cents, currently down 1/4 cent

Cash HRW Wheat  was $7.08 1/1, down 17 cents,

Jul 23 MGEX Wheat  closed at $7.73 1/2, down 17 1/2 cents, currently down 1 cent