Wheats are working higher with double digit strength through midday. SRW is 31 1/4 to 38 1/4 cents in the black past the in-delivery May contract. KC HRW is trading 42 to 46 3/4 cents higher so far. MGE HRS wheat prices are up 24 3/4 to 29 1/4 cents at midday.
Export Sales data from the week that ended 4/28 showed 118,757 MT of old crop was booked. That was inline with expectations, but still a 4-week high. USDA’s data had 2.14 MMT of wheat on the books with 4 weeks of reporting left. For new crop, an 11 week low of 42,449 MT was reported. That was also just 10% of the volume sold during the same week last year, and was below the range of estimates. FAS has 2.31 MMT of wheat on the books for 22/23 exports, a volume 23% lighter than last year.
Census data showed the official total wheat exports were 18.263 MMT through March, as March shipments added 1.7 MMT. Compared to Feb that was a 143k MT drop off, but shipments in March were down 20.3% yr/yr. USDA had the official full year wheat export total as 21.36 MMT in their April WASDE. Mexico and the Philippines were the month’s top destinations.
Trader estimates for the StatsCan Grain Stocks report range 9.54 MMT to 10.996 MMT of wheat stocks as of 3/31. At the high end, that is down 5.235 MMT yr/yr. Durum specific stocks are estimated at 1.363 MMT on average. The report is scheduled for Friday morning.
Jul 22 CBOT Wheat is at $11.16 1/4, up 39 3/4 cents,
Cash SRW Wheat is at $10.54 1/8, up 40 1/4 cents,
Jul 22 KCBT Wheat is at $11.71 1/4, up 48 cents,
Cash HRW Wheat is at $11.24, up 48 3/8 cents,
Jul 22 MGEX Wheat is at $12.03, up 25 3/4 cents,
