Wednesday wheat futures are double digits higher at midday. CBT SRW futures are up 3.4% to 4.2% so far with 25c gains. HRW futures are 4.2% to 4.8% higher with futures trading +30 cents so far. Midday spring wheat quotes are 2.6% to 3% higher.
An Oklahoma State University crop tour projects the OK wheat crop will reach 54.3 mbu on an average yield of 24.6 bpa according to an Oklahoma Wheat Commission announcement. The Kansas Wheat Tour will begin May 15th through May 18.Â
Analysts surveyed expect USDA to report less than 250k MT of old crop wheat sales for the week that ended 4/27. New crop bookings are anticipated to be between 50k MT and 300k MT.Â
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.Â
Egypt’s GASC is in 655,000 MT, with 535k MT filled by Russia and the remaining 120k MT from Romania.  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.Â
May 23 CBOT Wheat  is at $6.20 3/4, up 25 1/4 cents,
Jul 23 CBOT Wheat  is at $6.33 1/2, up 24 1/4 cents,
Cash SRW Wheat  is at $5.73 7/8, up 23 7/8 cents,
Jul 23 KCBT Wheat  is at $7.74, up 33 3/4 cents,
Cash HRW Wheat  is at $7.42 5/8, up 33 5/8 cents,
Jul 23 MGEX Wheat  is at $7.93 3/4, up 20 1/4 cents,
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On the date of publication, Alan Brugler did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here.
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