Wheat prices got put in rally mode at around 3:30 am CDT and are pushing higher in early Monday trading. KC is leading the charge, up 7 to 11 cents, with MPLS 5 to 8 cents higher and Chicago a penny to 5 ¼ cents in the green. Friday buying was led by Chicago futures, ending with 8 ¼ to 11 cent gains on the day and leaving May with a net 7c gain for the week. KC wheat futures were 4 ¾ to 6 ½ cents higher at the close. May KC wheat was still at a net 3 cent loss for the week. MGE spring wheat prices were 1 ¾ cents higher at the bell, leaving the May contract at a net weekly 3 ½ cent gain after new contract lowers.
Weekly Commitment of Traders data showed Chicago wheat spec traders were adding positions. The new buyers slightly offset the new sellers for a 158 contract swing on the week. The group was listed at a net 91.9k contract net short. KC wheat traders were shown adding new longs for a 2.2k contract weaker net short on the week of 40.5k contracts.
Census data put wheat exports at 67.9 mbu for February. That was a 27% increase for the month, but was down about 1 mbu from Feb last year. The season’s total exports reached 491 mbu through February, which remains 16% behind last year’s pace. Fourth quarter shipments will have to be about 60 mbu larger than year ago to meet the WASDE March forecast for the marketing year.
Jordan is tendering again for 120,000 MT of milling wheat, with offers due by April 16. They passed on a recent tender and are apparently hoping for lower prices this time. Russia’s wheat export tax for the week ending April 16 has been cut to 3236 rubles/MT from 3,323.
May 24 CBOT Wheat closed at $5.56 1/4, up 1/4 cent, currently up 3 1/2 cents
Jul 24 CBOT Wheat closed at $5.71 1/2, down 3/4 cent, currently up 4 cents
May 24 KCBT Wheat closed at $5.77 1/2, down 3 cents, currently up 10 3/4 cents
Jul 24 KCBT Wheat closed at $5.73, up 1 cent, currently up 5 cents
May 24 MGEX Wheat closed at $6.46 1/4, up 6 3/4 cents, currently up 7 1/4 cents
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