Back and forth action in the domestic wheat markets continues, with double digit losses at midday. CBT wheat futures are near $6.52 for May and $6.41 for Sept with 10 to 13 3/4 cent losses. KC wheat futures are down 11 cents so far, May near $6.23 and Sept at $6.34/bu. Spring wheat prices are down 5 1/4 to 6 1/2 cents so far. There were zero delivery notices vs. Chicago and KC wheat overnight, as the stoppers kept all of those KC receipts.
NOAA’s 5 day QPF shows rain development along the southern border of KS into OK, with accumulated precip topping at 1 1/2”. The U.S. drought monitor index still has D0-D3 conditions for NW KS and the TX Panhandle.
The EU’s accumulated wheat exports were to 17.56 MMT, down 18.2% from last season’s pace. Algeria issued an international wheat tender for 50k MT. Pakistan is tendering for 300,000 MT of optional origin wheat. Philippines are tendering for 145,000 MT of wheat. Japan bought 82,937 MT of wheat from U.S. and Canada in the weekly MOA tender.
--- provided by Brugler Marketing & Management
