Ag Valley Coop -

Wheat Futures Lower for New Week

Alan Brugler - Barchart - Mon May 03, 4:39PM UTC

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ZWN21 - Wheat

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Monday wheat futures are trading in the red through midday, with SRW the weakest. CBT futures are down 11 to 14 1/4 cents so far. KC HRW wheat futures are trading with midday losses of 7 1/4 to 8 1/2 cents. Spring wheat futures are 6 to 9 1/4 cents weaker. CME noted 5 deliveries for HRW were put back out, while the other 585 from Friday keeping their receipts. There were also 200 SRW deliveries issued and 52 for HRS.

The weekly Export Inspections report showed 509,932 MT of wheat was shipped through the week ending 4/29. That was down from 581k MT last week and 588k MT from the same week last season. Spring wheat and white wheat were the top varieties for the week’s export, as HRW held a 25% share. China was the top destination for the week’s shipments with 32.5% of the total. Accumulated wheat exports were reported at 849.84 mbu, or 86.3% of USDA’s April forecast.

USDA’s Ag Attaché estimated Canada’s wheat production at 33.5 MMT on 9.81m HA in their preliminary forecast. If realized, that would be a 1.68 MMT smaller crop yr/yr, and would limit exports to 24.1 MMT (compared to 27.1 MMT in 2020/21).

USDA’s Ag Attaché sees Australia’s wheat production coming back down from 2020’s record 33.3 MMT output. The Attaché sees Australia’s 2021/22 wheat production at 27 MMT, as increased area is offset by a return to trend yields. Exports are forecasted at 19 MMT, which would be down 4 MMT yr/yr if realized. USDA’s official May forecast will be released next Wednesday the 12th.

Cash SRW Wheat is at $6.95 2/3, down 16 1/8 cents,

Jul 21 CBOT Wheat is at $7.23, down 11 3/4 cents,

Cash HRW Wheat is at $6.67 5/6, down 2 1/2 cents,

Jul 21 KCBT Wheat is at $6.96 1/2, down 7 cents,

Jul 21 MGEX Wheat is at $7.57 3/4, down 6 cents,

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