Wheat Spreading Continues
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Tuesday’s market shows continuation of the spread trade from yesterday, as SRW and HRS are in the black while HRW works lower. CBT gains are fractional to 2 3/4 cents at midday. HRS gains are 4 to 6 1/2 cents. KC HRW futures are down by as much as 6 1/2 cents at midday.

The season’s initial national winter wheat ratings were reported at 338 on the Brugler500 Index. In South Dakota winter wheat ratings were just a 299 on the Brugler500, as dryness afflicts the 760k acres of winter wheat. NOAA’s 5-day QPF shows rain across the ECB and high plains, with South Dakota specifically forecasted to receive 1 1/4” to 2”.

Taiwan issued a tender for 96,485 MT of U.S. wheat. Ethiopia is tendering for 30,000 MT of wheat. Algeria is on the market for an unspecified amount of optional origin wheat. Egypt’s GASC wheat tender results will be released later today.  

China sold 1.588 MMT of wheat from state reserves in last week’s auction. That was shy of 40% of the offer and went for an average price of 2,363 yuan/MT (~ $9.83/bu).

Cash SRW Wheat  is at $5.92, up 2 3/4 cents,

May 21 CBOT Wheat  is at $6.20 3/4, up 2 3/4 cents,

Jul 21 CBOT Wheat  is at $6.16 1/4, up 2 3/4 cents,

Cash HRW Wheat  is at $5.24 4/7, down 5 3/4 cents,

May 21 KCBT Wheat  is at $5.57 1/4, down 5 3/4 cents,

Jul 21 KCBT Wheat  is at $5.64 1/2, down 5 1/4 cents,

May 21 MGEX Wheat  is at $6.14, up 6 1/2 cents,




Market Commentary provided by:

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