Wheats Close Near Tuesday Lows

The Turnaround Tuesday session left wheat prices in the red for most of the day following some overnight strength. CBT SRW ended near the lows on the day with 9 3/4 to 21 1/2 cent losses. KC HRW also closed in the bottom half of the range on Tuesday, ultimately going home 10 to 13 1/2 cents lower. Spring wheats were also red, though losses were limited to 5 3/4 cents. 

USDA’s Ag Attache showed a preliminary output boost for Turkish wheat, to 17 MMT for 22/23. USDA mentioned Russia would maintain a key contributor, but that Turkey would source more wheat from Romania and Moldova. 

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  closed at $10.99, down 21 1/2 cents,

Cash SRW Wheat  was $10.44 7/8, down 19 3/8 cents,

Jul  SRW Wheat  closed at $11.09, down 19 3/4 cents,

May 22 KCBT Wheat  closed at $11.71 1/2, down 13 1/2 cents,

Cash HRW Wheat  was $11.25, down 12 1/8 cents,

Jul  HRW Wheat  closed at $11.76 1/4, down 12 3/4 cents,

May 22 MGEX Wheat  closed at $11.69 1/4, down 5 3/4 cents,

Sep 22 MGEX Wheat  closed at $11.56 1/4, down 4 1/4 cents,