Wheat Gains Overnight Led by MPLS Spring Contracts
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Wheat futures are higher this morning in all three markets, led by spring wheat with 5 cent gains. After some spread trading early in the Tuesday session, winter wheat markets closed near the lows. CBT SRW futures faded midday gains and closed fractionally to 2 1/2 cents in the red. HRW futures closed the session 7 1/2 to 7 3/4 cents weaker. MGE wheat also pulled back in the afternoon but closed the day 2 3/4 to 3 1/2 cents in the black.

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. 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).

Ahead of the April WASDE report, traders on average expect USDA to show a 10.1 mbu increase to domestic wheat stocks to 846. World stocks are estimated at 301.7 MMT, which would be a 400k MT cut from the March figure.

Cash SRW Wheat  was $5.87 3/5 on Tuesday, down 1 3/4 cents,

May 21 CBOT Wheat  closed at $6.15 1/2, down 2 1/2 cents, but up 1 1/4 this am

Jul 21 CBOT Wheat  closed at $6.12 3/4, down 3/4 cent, currently up 1 3/4

Cash HRW Wheat  was $5.22 on Tuesday, down 7 3/8 cents,

May 21 KCBT Wheat  closed at $5.55 1/2, down 7 1/2 cents, and up 2 3/4 overnight

Jul 21 KCBT Wheat  closed at $5.62, down 7 3/4 cents, with 3 cent gains this morning

May 21 MGEX Wheat  closed at $6.11, up 3 1/2 cents, and up 5 1/4 overnight

Market Commentary provided by:

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