Following strength out of the weekend, the wheat market is currently off the highs and mixed for Monday’s midday. Chicago futures flipped red and are trading 3 3/4 to 5 1/4 cents lower so far. The hard red contracts are still in the black with HRW up 8 to 13 1/4 cents so far and HRS up by as much as 9 1/2 cents.
NOAA’s updated 7-day QPF has heavy rainfall in the forecast for Texas totaling over 4”. Oklahoma is also expected to get 2-4” through the week, with some moisture in CO, KS, and NE as well. The ECB’s SRW territories will also get some rainfall, though the week’s accumulation tops out near 1 1/4”.
A U.N. spokesperson, Farhan Haq, mentioned that there were no new authorizations issued for Ukrainian grain vessels on Friday. This follows meetings last week where no agreement was reached for extending the Black Sea Grain Corridor, existing authorizations will still be inspected and continue en route.
USDA’s Ag Attachè estimated the 23/24 Indian wheat crop would be 110 MMT. Old crop stocks were figured to total 9.5 MMT.
Export Inspections data showed 209,138 MT of wheat shipments for the week that ended 5/4. That was down from 358k MT last week and from 263k MT during the same week last year. HRW exports made up more than half of the total. The full season’s total reached 18.5 MMT through 5/4, compared to 19.03 MMT last year.
May 23 CBOT Wheat is at $6.47 1/4, up 1/4 cent,
Jul 23 CBOT Wheat is at $6.55, down 5 1/4 cents,
Cash SRW Wheat is at $5.94 1/4, down 4 3/4 cents,
May 23 KCBT Wheat is at $9.07 3/4, up 28 cents,
Cash HRW Wheat is at $8.15 1/4, up 12 1/2 cents,
May 23 MGEX Wheat is at $8.21 1/2, up 23 1/2 cents,
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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