Wheat Fading on Turnaround Tuesday

So far through the Tuesday session wheat prices are off their lows but still red. CBT SRW futures dipped below $11 in May and Dec contracts, but are back above the $11 round number mark to Mar ’23. KC HRW wheat got to $12 in July and just 2 cents off $12 in May before breaking this morning. As of midday, HRW futures are 10 cents off their lows and 20 cents off their highs with 4 to 10 1/2 cent losses. MPLS wheat is trading mixed within 4 cents of UNCH. 

China sold 531,469 MT of wheat from state reserves on April 13. The full offer was 551,145 MT. 

India’s Minister of Food and Commerce forecasts 10 to 15 MMT of Indian wheat exports in 22/23. That would be a record, and up from this year’s record 8.5 MMT. India had shipped 2.56 MMT in 2020/21, but had been a net importer for 6 of the past 16 years. 

May 22 CBOT Wheat  is at $11.03, down 17 1/2 cents,

Cash SRW Wheat  is at $10.47, down 16 1/8 cents,

May 22 KCBT Wheat  is at $11.75 1/4, down 9 3/4 cents,

Cash HRW Wheat  is at $11.28 1/1, down 9 1/4 cents,

May 22 MGEX Wheat  is at $11.74, down 1 cent,