Front month wheat futures are trading double digits higher across the domestic classes. CBT SRW is up as much as 2.9% so far with 15 to 17 1/4 cent gains. Midday KC quotes are 10 to 11 3/4 cents in the black. Spring wheat future on the MGE are up 6 to 10 cents, though July has slipped 9 1/2 from the early session high.
Traders expect to see old crop wheat bookings between 100k MT of net cancelations and 100k MT of net new sales in the FAS report tomorrow. New crop wheat export sales are estimated between 200k MT and 450k MT for the week that ended 5/25.
The European Commission marked the season’s wheat export at 28.4 MMT through 5/28, up 11% from last year’s pace.
Russian data claimed 12 MMT of wheat stocks on May 1st, which was double the 5-yr average.
Jul 23 CBOT Wheat is at $6.12 1/2, up 18 1/4 cents,
Sep 23 CBOT Wheat is at $6.25 1/2, up 17 1/2 cents,
Cash SRW Wheat is at $5.61, up 31 cents,
Jul 23 KCBT Wheat is at $8.01 3/4, up 11 1/4 cents,
Cash HRW Wheat is at $7.65 5/8, up 5 5/8 cents,
Jul 23 MGEX Wheat is at $7.87 1/2, up 7 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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