Wheat futures were up sharply for the start of the midweek day session. Prices have pulled back somewhat but are still up double digits. CBT futures are 16 1/2 to 19 cents higher. KC HRW futures are trading 16 1/2 to 19 cents in the black at midday. MGE spring wheat futures are lagging with gains limited to 13 1/2 cents so far.
Global weather data shows European wheat was exposed to a recent cold snap. In Australia, traders were pricing in a return to dryness. Domestic precipitation forecasts from NOAA’s 7-day QPF suggest as much as an inch of rain accumulation from the W. NE panhandle and N.E. corner of CO through KS and OK into S.E. TX. Most of the ECB SRW region is forecasted to stay dry through the week receiving less than 1/4” accumulated through the week.
Analysts surveyed ahead of the weekly Export Sales report expect between 50,000 to 200,000 MT. For new crop, wheat sales are expected to be between 300,000 and 500,000 MT.
Cash SRW Wheat is at $6.20 1/3, up 18 1/8 cents,
May 21 CBOT Wheat is at $6.48, up 18 1/4 cents,
Jul 21 CBOT Wheat is at $6.50, up 16 1/2 cents,
Cash HRW Wheat is at $5.70 1/1, up 17 3/8 cents,
May 21 KCBT Wheat is at $6.02 1/2, up 17 3/4 cents,
Jul 21 KCBT Wheat is at $6.10 1/4, up 17 1/2 cents,
May 21 MGEX Wheat is at $6.61 1/2, up 12 1/2 cents,
