AgWest Commodities -

Wheat Futures Offset Some Wednesday Losses Overnight

Alan Brugler - Barchart - Thu Apr 29, 12:29PM UTC

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ZWK24 - Wheat

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ZWN21	645-0s	+16-2	+2.58%
KEK24	581-4s	+4-2	+0.74%
KEN21	617-4s	+5-0	+0.82%
MWK24	647-0s	+8-2	+1.29%

The domestic wheat futures markets are mixed ahead of the weekly Export Sales data. Wednesday’s session saw wheat prices give back midday gains to close double digits lower. CBT futures ended the day down by 8 1/2 to 14 cents. KC HRW wheat prices closed 14 to 15 cents in the red. Minneapolis spring wheat futures ended Wednesday’s trading with losses of 10 3/4 cents to 15 1/2 cents for the front months.

The old crop HRW wheat/corn spread closed with a 3 cent wheat premium, but corn held a +14 cents/bu advantage prior to the afternoon selloff. At these levels, wheat feeding is attractive – depending on local availability. According to cmdtyView data, the cash market shows HRW at a 10 cent/bu premium to corn, but that was also negative earlier this month.

Traders expect USDA’s export sales report will show 0 to 300k MT of old crop wheat booked during the week ending April 22^nd. New crop wheat bookings are estimated between 200k and 450k MT.

Cash SRW Wheat was $6.98 on Wednesday, down 8 1/4 cents,

May 21 CBOT Wheat closed at $7.25 1/4, down 8 1/2 cents, and up 1 1/2 this morning

Jul 21 CBOT Wheat closed at $7.22 3/4, down 10 cents, and up 3 cents this morning

Cash HRW Wheat was $6.62 ½ yesterday, down 13 1/2 cents,

May 21 KCBT Wheat closed at $6.89 1/4, down 15 cents, and up 1 1/4 this morning

Jul 21 KCBT Wheat closed at $6.96 1/2, down 14 3/4 cents, and up 1 1/4 this morning

May 21 MGEX Wheat closed at $7.24 1/4, down 15 1/2 cents, and up 3 1/4 this AM

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