AgriCharts Market Commentary

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Wheat

Wheat futures ended Wednesday mixed with KC marginally lower. Both CHI and MPLS were higher, as they were up 1-2 cents and 5-8 1/4 cents respectively. The trade is estimating old crop wheat export sales at 250,000-450,000 MT. New crop is projected to be in the area of 50,000-200,000 MT. Algeria purchased 200,000 MT of Durum wheat on Tuesday for late May delivery, with US or Canadian origination expected. Iraq tendered for 50,000 MT of Australian, Canadian, or US wheat, closing April 2.

May 17 CBOT Wheat settled at $4.25 1/2, up 1 cent,

May 17 KCBT Wheat settled at $4.23 1/2, down 1/2 cent,

May 17 MGEX Wheat settled at $5.43 1/4, up 8 1/4 cents

Wheat

Wheat futures are mixed so far on Wednesday. MPLS is the firmest, 5 1/4 cents higher. Both CHI and KC both 1-2 cents lower. Analysts in the Reuters March poll have been high on their All Wheat guesses 5 out of the last 12 years for the planting intentions report, and low 7 of those years. During the low years they were off by an average of just 0.73%, vs. high years when they were 1.79% away from the USDA Intentions number. Algeria purchased 200,000 MT of Durum wheat on Tuesday for late May delivery, with US or Canadian origin. Iraq tendered for 50,000 MT of Australian, Canadian, or US wheat, closing April 2.

May 17 CBOT Wheat is at $4.23 1/4, down 1 1/4 cents,

May 17 KCBT Wheat is at $4.21 3/4, down 2 1/4 cents,

May 17 MGEX Wheat is at $5.40 1/4, up 5 1/4 cents

Wheat

Wheat futures are 2 to 3 cents higher this morning in the CHI and KC contracts, and up 3 to 5 cents in MPLS spring wheat. They finished 2 to 3 3/4 cents higher on Tuesday. CHI was the strongest, up 2 1/2-3 3/4 cents, with MLPS and KC up 2-2 3/4 cents. Analysts in the Reuters March poll have been high on their All Wheat guesses 5 out of the last 12 years for the planting intentions report, and low 7 of those years. During the low years they were off by an average of just 0.73%, vs. high years when they were 1.79% away from the USDA Intentions number. CO wheat conditions are rated 32% gd/ex compared to 51% LY, with NE conditions 39% g/e reported vs. 63% LY. Ukraine winter grains are in 85% good or satisfactory, as 35% if their spring grain crop is planted. The Indian government has placed a 10% tariff on imported wheat in an attempt to boost local prices during peak supply times.

Wheat

Wheat futures finished 2 to 3 3/4 cents higher on Tuesday. CHI was the strongest, up 2 1/2-3 3/4 cents, with MLPS and KC up 2-2 3/4 cents. Analysts in the Reuters March poll have been high on their guesses 5 out of the last 12 years for the planting intentions report, and low 7 of those years. During the low years they were off by an average of just 0.73%, vs. high years when they were 1.79% away from the USDA Intentions number. CO wheat conditions are rated 32% gd/ex compared to 51% LY, with NE conditions 39% g/e reported vs. 63% LY. Ukraine winter grains are in 85% good or satisfactory, as 35% if their spring grain crop is planted. The Indian government has placed a 10% tariff on imported wheat.

May 17 CBOT Wheat settled at $4.24 1/2, up 3 3/4 cents,

May 17 KCBT Wheat settled at $4.24, up 2 3/4 cents,

May 17 MGEX Wheat settled at $5.35, up 2 cents

Wheat

Wheat futures are mostly trading 3 cents higher on the three exchanges. MPLS and KC is up 3 and CHI is 3 3/4 cents higher. KS winter wheat conditions are 38% good/excellent through Sunday. That was unchanged from last week and still down from 56% LY, with 17% of the crop jointed. OK conditions dropped 3% since last week and 26% from LY to 37% g/e, with 47% jointed. TX conditions were unchanged from last week and 14% lower than LY, with 11% headed. CO conditions are 32% g/e compared to 51% LY, with NE conditions 39% g/e reported vs. 63% LY. Ukraine winter grains are in 85% good or satisfactory, as 35% if their spring grain crop is planted. The Indian government has placed a 10% tariff on imported wheat.

May 17 CBOT Wheat is at $4.24 1/2, up 3 3/4 cents,

May 17 KCBT Wheat is at $4.24 1/4, up 3 cents,

May 17 MGEX Wheat is at $5.36, up 3 cents


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