Wheat Gains for the New Month

Wheat futures were up 0.9% to 2.8% across the domestic classes to start the month of June. For CBT SRW that left the market 16 1/2 to 17 1/2 cents higher. Front month KC wheat futures closed up by 12 to 15 1/4 cents, with July back above the $8 mark. Spring wheat futures ended the session 71/4 to 9 cents higher. 

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. 

Jul 23 CBOT Wheat  closed at $6.10 3/4, up 16 1/2 cents,

Sep 23 CBOT Wheat  closed at $6.24 1/4, up 16 1/4 cents,

Cash SRW Wheat  was $5.59 3/8, up 29 1/4 cents,

Jul 23 KCBT Wheat  closed at $8.02 1/2, up 12 cents,

Cash HRW Wheat  was $7.65, up 6 1/8 cents,

Jul 23 MGEX Wheat  closed at $7.89, up 9 cents,