The midday wheat board shows gains across the U.S. futures. Chicago prices are up by 4 ¾ to 6 cents, moving May to a 25 cent gain for the week’s move. KC wheat is trading a nickel higher so far with May up 21 cents Fri/Fri. Spring wheat futures in Minneapolis are 4 ½ to 5 ½ cents higher so far.
Oats Futures Prices are also 2 to 3 cents in the black so far. The May contract is still down 9 cents for the week’s move.
USDA’s FAS reported old crop bookings were a net reduction of 109k MT, including a known cancellation from China, during the week that ended 3/14. Old crop sales still on the books for China total 29 million bushels. New crop bookings were 286k MT and brought the forward book to 803k MT, or 20% ahead of forward sales at the same time last year. Old crop commitments remain 3% ahead of last year’s pace with 18.4 MMT on the books.
Japan booked 221k MT of wheat via a regular MOA tender, with 113k MT to be U.S. origin.
SovEcon raised their outlook for 24/25 wheat output by 400k MT to 94 MMT citing an easy winter with below average winterkill.
May 24 CBOT Wheat is at $5.48, up 1 1/4 cents,
Jul 24 CBOT Wheat is at $5.62 3/4, up 3/4 cent,
May 24 KCBT Wheat is at $5.82 1/2, up 3/4 cent,
Jul 24 KCBT Wheat is at $5.76 1/2, up 1 cent,
May 24 MGEX Wheat is at $6.56, down 1/2 cent,
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