Wheat Market Gaining after Report
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Wheat futures react with midday gains of as much as a dime. CBT SRW futures are up the most, trading 8 1/2 to 10 3/4 cents higher. KC HRW futures are 6 1/4 cents to 8 cents in the black at midday. Spring wheat futures on the MGE are up 8 1/4 to 11 1/4 cents so far.  

USDA raised domestic wheat carryout by 16 mbu to 852 mbu. The average trade guess was to see a 10 mbu increase. Exports were left UNCH, but USDA shifted 5 mbu of HRW to white wheat. The carryout increase came by a 25 mbu reduction to feed and residual.

Globally, USDA sees a 5.67 MMT smaller carryout now at 295.52 MMT. That is even tighter than the tightest pre report estimate. The U.S. market share for exports was down to 13.5% as USDA increased foreign trade, namely upping EU and Russia by 500k MT each.

Cash SRW Wheat  is at $6.11 2/3, up 10 5/8 cents,

May 21 CBOT Wheat  is at $6.39 1/4, up 10 1/2 cents,

Jul 21 CBOT Wheat  is at $6.39 1/2, up 9 cents,

Cash HRW Wheat  is at $5.51 1/2, up 6 3/8 cents,

May 21 KCBT Wheat  is at $5.83, up 6 1/2 cents,

Jul 21 KCBT Wheat  is at $5.90 1/2, up 6 3/4 cents,

May 21 MGEX Wheat  is at $6.48, up 7 3/4 cents,




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