Coming out of the weekend, wheat futures are mostly double digits in the red. CBT futures are trading 8 to 10 1/4 cents weaker so far. Midday spring wheat prices are down by as much as 11 1/4 cents. KC HRW wheat is the firmest, but prices are still 3 1/4 to 4 1/2 cents lower at midday.
Wheat shipments from the week ending 4/8 were reported at 458,432 MT via USDA Export Inspections data. That was down from +600k MT LW and down from +600k MT the same week last year. White wheat was again the top variety for the week’s total with 125k MT, HRS shipments were reported at 123k MT. The top destination for the week was the Philippines, however 67,999 MT were shipped to China during the week.
China sold 515,209 MT of wheat from state reserves during last week’s auction. That was just 12.8% of the offer, and the average price was 2,349 yuan/MT (~ $9.76/bu).
Russia’s IKAR raised their production forecast 1.2 MMT to 81 MMT for 2021 citing favorable weather conditions.
Cash SRW Wheat is at $6.01 3/4, down 9 1/8 cents,
May 21 CBOT Wheat is at $6.29 1/2, down 9 1/4 cents,
Jul 21 CBOT Wheat is at $6.31 3/4, down 8 3/4 cents,
Cash HRW Wheat is at $5.51 8/9, down 3 cents,
May 21 KCBT Wheat is at $5.83 1/4, down 3 1/4 cents,
Jul 21 KCBT Wheat is at $5.91, down 3 1/4 cents,
May 21 MGEX Wheat is at $6.43 1/4, down 10 3/4 cents,