The wheat complex is trading 2 to 4 cents lower ahead of this morning’s USDA report releases. Wheat finished Wednesday mostly higher across all three exchanges. KC HRW futures were the leaders, with gains of 12 to 17 1/4 cents in the front months. MPLS spring wheat contracts saw slight gains on the day, up1 to 2 cents. CBoT futures posted fractional to 1 ½ cent gains in the front months.
With the weekly Export Sales report out shortly, the trade range of estimates calls spans net cancellations of 100,000 MT to net sales of 250,000 MT for old crop. New crop bookings are seen totaling 100,000-300,000 MT.
Monthly WASDE data will get an update at 11 AM CDT, with the trade expecting an ending stocks increase after the larger than expected March 31 stocks totals. The average trade estimate is 690 mbu, which would be a 17 mbu hike from the March balance sheet update. The range is from 670 mbu to 723 mbu. For the world number, traders are estimating a 0.4 MMT increase to 259.2 MMT.
Ukrainian wheat exports have reached 14.5 MMT since July 1. In March, USDA expected full year (June 1 to May 31) shipments of 16 MMT.
May 24 CBOT Wheat closed at $5.58 1/2, up 3/4 cent, currently down 2 cents
Jul 24 CBOT Wheat closed at $5.73 1/2, up 1 1/2 cents, currently down 2 ¼ cents
May 24 KCBT Wheat closed at $5.94 1/2, up 17 1/4 cents, down 5 cents this morning
Jul 24 KCBT Wheat closed at $5.87 3/4, up 13 1/2 cents, currently down 2 1/4 cents
Jul 24 MGEX Wheat closed at $6.59, up 1 1/4 cents, currently down 4 cents
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