Wheats Closed Mixed on Thursday

The Chicago wheat market was fractionally mixed at the closed on Thursday after May traded from 6 ¼ cents in the red to 6 ¼ cents to the daily high. KC Wheat futures ended the session mostly higher. May traded from 8c higher to 5 ¾ cents weaker, before ending 3 cents in the red. The new crop futures were 1 to 1 ¼ cents higher at the bell. Spring wheat futures were higher on the day with gains of as much as 7 cents.  

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. 

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. 

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. 

May 24 CBOT Wheat  closed at $5.56 1/4, up 1/4 cent,

Jul 24 CBOT Wheat  closed at $5.71 1/2, down 3/4 cent,

May 24 KCBT Wheat  closed at $5.77 1/2, down 3 cents,

Jul 24 KCBT Wheat  closed at $5.73, up 1 cent,

May 24 MGEX Wheat  closed at $6.46 1/4, up 6 3/4 cents,