Wheat Market Mixed at Midday

Chicago wheat futures are down 1/2 to 2 1/2 cents as of midday. The other wheat markets are trading higher, led by 6 to 9 cent gains in Minneapolis. KC HRW is 1 3/4 to 4 1/4 cents in the black for midday. 

Wheat shipments from the week that ended 4/21 were 287,997 MT according to the USDA’s Export Inspections report. That was down from 446,225 MT last week and compares to 581k MT during the same week last year. MYTD wheat exports reached 18.7 MMT as of 4/21, which trails last year’s pace by 18.9%. 

Estimates going into StatsCan’s Planting Intentions report show traders expect to see an average of 24.15m all wheat acres. Durum specific area is estimated at 5.75m. For all Canadian wheat that would be a 2.94% increase in area yr/yr if realized, though with just 220k acres more in durum. 

May 22 CBOT Wheat  is at $10.61 1/2, down 4 cents,

Cash SRW Wheat  is at $10.05 3/8, down 3 3/4 cents,

May 22 KCBT Wheat  is at $11.44 1/2, up 1 3/4 cents,

Cash HRW Wheat  is at $11.01 3/4, up 1 3/8 cents,

May 22 MGEX Wheat  is at $11.70, up 9 3/4 cents,