The nearby wheat market is currently 1 to 4 cents weaker in the winter wheat contracts but 4 cents higher in Minneapolis spring wheat contracts.Â
Census data put wheat exports at 67.9 mbu for February. That was a 27% increase for the month, but was down from 1 mbu from Feb last year. The season’s total export reached 491 mbu through February, which remains 16% behind last year’s pace.Â
This morning’s Export Sales report showed just 16,093 MT of wheat booked in the week of 3/28. Ideas for old crop sales ran -100,000 MT to positive 400,000. New crop numbers came in at 262,000 MT, above the trade estimates of 75,000 to 250,000 MT.Â
Japan is set to buy 113.5k MT of wheat in a regular MOA tender from U.S., Canada, and Australia. Jordan is tendering again for 120,000 MT of milling wheat, with offers due by April 16. They passed on a recent tender and are apparently hoping for lower prices this time. Some Russian shipments have been delayed by infighting over phytosanitary certificates, firming the export market just a touch.Â
May 24 CBOT Wheat  is at $5.54 3/4, down 1 1/4 cents,
Jul 24 CBOT Wheat  is at $5.69 3/4, down 2 1/2 cents,
May 24 KCBT Wheat  is at $5.76, down 4 1/2 cents,
Jul 24 KCBT Wheat  is at $5.71 1/4, down 3/4 cent,
May 24 MGEX Wheat  is at $6.44, up 4 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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