Wheat Gaining for Midweek
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Wednesday wheat trading has futures back in the black. CBT futures are up 1 1/2 to 5 cents so far. KC HRW prices are 8 to 8 1/2 cents stronger. MGE spring wheat futures are up double digits, with 9 3/4 to 11 1/4 cent gains.

Official February wheat exports were confirmed at 67.11 mbu. That was down from 72.6 million in January, and was 16% below Feb 2020. Shipments to China were reported at 266,418 MT. For the MY through Feb, China accounts for 11.7% of the total – their highest share since 14/15.

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  is at $5.89 1/8, up 1 1/2 cents,

May 21 CBOT Wheat  is at $6.17, up 1 1/2 cents,

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

Cash HRW Wheat  is at $5.31 1/8, up 8 1/8 cents,

May 21 KCBT Wheat  is at $5.63 1/2, up 8 cents,

Jul 21 KCBT Wheat  is at $5.70, up 8 cents,

May 21 MGEX Wheat  is at $6.22 1/4, up 11 1/4 cents,

Market Commentary provided by:

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