The midday wheat trade has futures working 7 cents higher in the winter wheat contracts and 0.5% higher in the spring wheat market.
USDA trimmed expected wheat exports by 15 mbu to 710 mbu in the monthly S&D update. Commitments YTD have been lagging the 5 year average pace by about 2%. That was added to carryout as the only adjustment. The cash average wheat price was a nickel lower to $7.15.
Global wheat S&Ds saw a 500k MT increase for Australia and a 400k MT increase for Argentina and a 500k MT increase for Russia. The EU output was 350k tighter. On net exports were raised by 1.5 MMT to 212.1 MMT. Of that, the U.S. holds a now 9.1% market share.
USDA confirmed another 110k MT Chinese SRW cancelation this morning following their 130k MT cancelation on Thursday.
Egypt’s GASC canceled their import tender for wheat. Wire sources showed Algeria booked between 850k and 900k MT of milling wheat. Ukraine’s March grain shipments were already 774k MT according to Ministry data. That compared to 641k MT last year. Feb’s total was 5.8 MMT and +11.5% vs last year.
Mar 24 CBOT Wheat is at $5.28 1/2, up 7 3/4 cents,
May 24 CBOT Wheat is at $5.36 1/2, up 8 cents,
May 24 KCBT Wheat is at $5.79 1/4, up 4 1/2 cents,
May 24 MGEX Wheat is at $6.58 1/2, up 3 3/4 cents,
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