Ag Valley Coop -

Wheat Gains Double Digits on Wednesday

Alan Brugler - Barchart - Wed May 05, 9:40PM UTC

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Wheat futures were up by double digits, led by KC. HRW wheat futures prices were 2.19% to 2.71% higher on the day. CBT wheat futures closed the day with gains of at least 17 cents through March 22. MGE HRS wheat futures ended the session 1.8% to 1.97% higher.

Trader estimates ahead of the weekly Export Sales report call for less than 250k MT of old crop wheat bookings. New crop sales are expected between 100,000 and 500,000 MT from the week that ended 4/29.

Taiwan issued a tender for 89,425k MT of U.S. wheat. Thailand is seeking 455k MT of optional origin wheat. The Philippines also issued an international wheat tender for 60,000 MT.

BAGE reported their initial 2021/22 wheat production forecast at 19 MMT. If realized that would match the 18/19 record crop and would be up from 17 MMT produced last season. USDA’s Ag Attache forecasts India’s wheat production at 105 MMT as harvest wraps up. Their previous pre harvest figure was for 107 MMT – citing lower than expected yields.

Cash SRW Wheat was $7.17 1/7, up 18 7/8 cents,

Jul 21 CBOT Wheat closed at $7.44 1/2, up 17 3/4 cents,

Cash HRW Wheat was $6.87 1/4, up 17 1/4 cents,

Jul 21 KCBT Wheat closed at $7.17, up 17 3/4 cents,

Jul 21 MGEX Wheat closed at $7.82, up 13 3/4 cents,

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