Wheat Futures Higher in All Three Markets Again
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The domestic wheat futures market was up another 4 to 6 cents overnight, with follow through buying after double digit gains on Thursday. Front month wheat futures closed the Thursday session with double digit gains led by spring wheat. Minneapolis HRS futures closed 2.25% to 2.52% in the black. SRW wheat futures gained 12 1/2 to 14 1/2 cents on Thursday. Preliminary open interest showed net new buying, rising 9,356 contracts. HRW futures were 2.05% to 2.41% higher at the close.

Ahead of the USDA report, survey results show the average trade guess for world wheat stocks is 301.7 MMT. That would be up 500k MT from March, reflecting an increase to domestic carryout. U.S. stocks are expected to be 846 mbu in the report, which would be a 10 mbu increase from the March estimate.

Old crop wheat bookings from the weekly Export Sales data release were 81,969 MT during the week ending 4/1. New crop sales were a stronger than expected 529,850 MT for the week.

Cash SRW Wheat  was $6.01 on Thursday, up 12 5/8 cents,

May 21 CBOT Wheat  closed at $6.28 3/4, up 12 1/2 cents; and is 5 1/2 higher this morning,

Jul 21 CBOT Wheat  closed at $6.30 1/2, up 14 1/2 cents; and up 5 1/4 this morning

Cash HRW Wheat  was $5.45 on Thursday, up 13 3/4 cents,

May 21 KCBT Wheat  closed at $5.76 1/2, up 13 1/4 cents; up 5 1/2 this morning

Jul 21 KCBT Wheat  closed at $5.83 3/4, up 13 3/4 cents; up 5 1/2 this morning

May 21 MGEX Wheat  closed at $6.40 1/4, up 15 3/4 cents; and up 6 1/2 this morning,

Market Commentary provided by:

Brugler Marketing & Management LLC
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