Wheat futures are starting Wednesday with 6 to 9 cent pullbacks across the U.S. classes. Wheat followed the Monday bounce with another 4 to 10 cent gains on Tuesday. Chicago futures ended the day 1.4% to 1.8% in the black as Dec SRW closed +$6. KC wheat was 1.3% to 1.6% higher with gains of as much as 9 cents. Dec HRW is also back above the $6 mark. Spring wheat prices were 4 ½ to 5 cents higher across the front months.
Egypt’s GASC issued an international wheat tender with results expected later today.
Japan’s Ministry of Agriculture is seeking 119,000 MT of food-quality wheat from the US, Canada, or Australia in a routine weekly tender. Results are expected late today or Thursday.
Some state crop ratings were released on Monday afternoon, showing improvement for much of HRW country. Kansas ratings were up 2% to 55% gd/ex or +3 points at 347 on the Brugler500 index. Texas ratings improved 16 points to 329 on the Brugler500, or a 2% better gd/ex score at 48%.
Ukraine’s Ag Ministry reported grain shipments totaled 32.4 MMT, including 12.9 MMT of wheat, for the season-to-date. That is 9.4% below last year, though wheat exports remain 5% above last year’s pace.
May 24 CBOT Wheat closed at $5.52 1/2, up 9 3/4 cents, currently down 9 cents
Jul 24 CBOT Wheat closed at $5.67 1/4, up 9 3/4 cents, currently down 8 1/2 cents
May 24 KCBT Wheat closed at $5.82 3/4, up 9 cents, currently down 8 1/2 cents
Jul 24 KCBT Wheat closed at $5.75 1/2, up 8 cents, currently down 7 3/4 cents
May 24 MGEX Wheat closed at $6.55 3/4, up 5 cents, currently down 6 1/4 cents
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