The wheat complex is fading off the early Monday strength, but still holding higher at midday. Chicago contracts are 2 to 3 cents higher across the nearbys. Kansas City futures are 3 to 5 cents in the green at midday. MPLS spring wheat contracts are steady to 2 cents in the higher side of unch at the moment.
This morning’s Export Inspections report from USDA tallied all wheat exports at 497,534 MT during the week that ended on April 4. That was a drop of 12.53% from the week previous but was a 27.56% increase from the same week last year. The cumulative inspections for the marketing year are now at 15.35 MMT, still trailing last year by 11.01%. The Philippines was the largest destination of 95,434 MT, with 81,616 MT making its way to Mexico and 55,579 MT headed to China.
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 is at $5.69 3/4, up 2 1/2 cents,
Jul 24 SRW Wheat is at $5.83 3/4, up 2 cents,
May 24 KCBT Wheat is at $5.86, up 3 3/4 cents,
Jul 24 HRW Wheat is at $5.84 1/4, up 4 3/4 cents,
Jul 24 MGEX Wheat is at $6.57 1/2, up 1 cent,
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