Wheat Futures Cautiously Higher
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 ZWPAES.CM - cmdty Eastern Region Soft Red Winter Wheat Price Idx

The three US wheat markets are higher this morning, by 1 1/2 to 3 3/4 cents. On Monday, HRW wheat futures closed with losses of 2 to 2 1/2 cents. SRW prices however ended with gains of as much as 7 cents. MGE HRS wheat prices were 6 to 8 cents in the black at the close.

National winter wheat ratings were 53% good or excellent in the initial NASS report. All five ratings yield a 338 on the Brugler500 Index. For reference, initial ratings last season scored a 360 on the Brugler500. USDA showed 3% of the US spring wheat crop planted. FranceAgriMer noted 87% of wheat was in good to excellent condition as of 3/29 – UNCH from last week. Ukraine’s APK-Inform estimates the 2021/22 wheat crop at 27.5 MMT.

USDA reported 594,032 MT of wheat exports for the week that ended April 1st. That was up 94% wk/wk and was 70% above the same week last year. HRS wheat was the top variety exported on the week, encompassing 39% of the total. HRW shipments made up 28%. Accumulated wheat exports are at 20.903 MMT compared to 20.834 MMT at this point last year.

Egypt is in the market for optional origin wheat. Saudi Arabia purchased 295,000 MT of wheat from their international tender.

Cash SRW Wheat  was $5.89 3/8 yesterday, up 6 1/4 cents,

May 21 CBOT Wheat  closed at $6.18, up 7 cents, and up 2 1/2 this morning

Jul 21 CBOT Wheat  closed at $6.13 1/2, up 3 cents, and now up 2 3/4

Cash HRW Wheat  was $5.30 yesterday, down 3 cents,

May 21 KCBT Wheat  closed at $5.63, down 2 cents, but currently up 1 1/2

Jul 21 KCBT Wheat  closed at $5.69 3/4, down 2 1/4 cents, now up 1 1/4

May 21 MGEX Wheat  closed at $6.07 1/2, up 8 cents, and up another 3 3/4 today

Market Commentary provided by:

Brugler Marketing & Management LLC
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