Wednesday Wheat Closes in Black
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Wheat markets were higher after Wednesday trading. CBT futures were up 3 1/4 to 4 1/2 cents, save for a 3/4 cent gain in May. HRW futures closed the day with gains of 7 3/4 to 8 3/4 cents. Minneapolis spring wheat futures closed with double digit gains of 10 1/2 to 13 1/2 cents.

Ahead of the weekly Export Sales report, traders surveyed anticipate USDA to show 100,000 to 500,000 MT of old crop wheat sales. New crop wheat bookings are estimated between 50,000 and 200,000 MT.

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  was $5.88 4/9, up 7/8 cent,

May 21 CBOT Wheat  closed at $6.16 1/4, up 3/4 cent,

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

Cash HRW Wheat  was $5.31 2/9, up 8 1/4 cents,

May 21 KCBT Wheat  closed at $5.63 1/4, up 7 3/4 cents,

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

May 21 MGEX Wheat  closed at $6.24 1/2, up 13 1/2 cents,

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