Home Markets News Weather

Wheat Gives Back Part of Midweek Rally

« Go Back

The Friday session starts with 3 to 7 cent per bushel losses across the three wheat futures markets. Chicago SRW is the weakest. The winter wheat markets were higher on Thursday, with SRW up the most. Chicago wheat gained 2 1/4 to 4 1/4 cents, HRW wheat was 1 1/4 to 2 1/4 cents stronger. Spring wheat futures were down by 1 to 3 cents on Thursday. The Virtual Kansas Wheat Tour’s estimate for the state’s production was 284.4 mbu (USDA @ 306 mbu), from an average yield of 44.5 bpa. Regionally, the yields were 32.9 bpa for the South West region, a 42.5 bpa average yield for West Central KS, the NW region was forecasted to yield 51.7 bpa, and the NC region’s yield @ 41.1 bpa. The wheat tour noted dryness, especially in the western regions. Old crop wheat export bookings from the week ending May 14 were 175,815 MT. That was down 13.4% wk/wk but was 263% above the same week last year. Of the old crop sales 46.5% were HRS variety. HRS wheat commitments through the MY so far are 30% of all wheat and 105% of the USDA forecast. All wheat shipments on the week were 13.5 mbu, which put the MYTD exports at 851.1 mbu, which with 3 weeks left is 87.7% of the USDA forecast. Russia’s IKAR lowered their forecast for 2020/21 production by 1 MMT to 76.2 MMT. South Korea purchased 89,000 MT of U.S. wheat.

--- provided by Brugler Marketing & Management

« Go Back

Real-time Login
     Get Real-time Data
Edit Preferences      Refresh:   On   Off