Wheat futures are mostly about 8 cents higher this morning, aided by US dollar weakness last night. Wheat futures closed the Tuesday session in the black after an afternoon pullback. CBT SRW futures ended the session 0.28% to 0.43% higher, led by Dec. KC wheat futures were 5 to 6 cents in the black, with July closing 1.02% higher. MGE spring wheat ended Tuesday up by 4 1/2 to 6 1/4 cents.
The KC wheat to corn spread ended the session with a 4 3/4 cent premium for wheat. However cmdtyView cash data suggest the cash spread favors corn by 12 3/4 cents. For new crop the board spread favors wheat by 94 3/4 cents and 90 cents on the cash side.
Russia’s formula based export tax takes effect on June 2. Russian wheat FOB offers are ~$247/MT but were mostly $280-$285 from Jan-March. For comparative purposes French prices are $256/MT and US is $235/MT (12.5% pro).
Cash SRW Wheat was $6.02 ¼ yesterday, up 1 3/4 cents,
May 21 CBOT Wheat closed at $6.29 3/4, up 1 3/4 cents: now up 8 1/2,
Jul 21 CBOT Wheat closed at $6.33 1/2, up 2 1/4 cents: now up 8 1/4
Cash HRW Wheat was $5.53 1/2 yesterday, up 6 1/8 cents,
May 21 KCBT Wheat closed at $5.84 3/4, up 5 3/4 cents: now up 8 1/4
Jul 21 KCBT Wheat closed at $5.92 3/4, up 6 cents: now up 8 1/2,
May 21 MGEX Wheat closed at $6.49, up 6 1/4 cents: now up 8 cents,
