Wheat Futures Higher on Dryness in Spring Wheat Country
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Overnight adjustments have the wheat markets solidly 8 to 11 cents higher coming into the USDA Export Sales report. 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. The Dakota will remain mostly dry over the next two weeks.

Pre-report estimates for the Export Sales report show the trade is looking for 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 266,418 MT. For the marketing year through Feb, China accounts for 11.7% of the total – their highest share since 14/15.

Cash SRW Wheat  was $5.88 4/9 yesterday, up 7/8 cent,

May 21 CBOT Wheat  closed at $6.16 1/4, up 3/4 cent; up another 8 1/2 this morning

Jul 21 CBOT Wheat  closed at $6.16, up 3 1/4 cents; up another 8 1/4 this morning,

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

May 21 KCBT Wheat  closed at $5.63 1/4, up 7 3/4 cents; and up 11 cents today

Jul 21 KCBT Wheat  closed at $5.70, up 8 cents; and up 11 cents this morning

May 21 MGEX Wheat  closed at $6.24 1/2, up 13 1/2 cents; gaining another 11 1/2 today

Market Commentary provided by:

Brugler Marketing & Management LLC
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