Wheeler Brothers Grain Co -

Wheat Futures Trade Lower in Tandem With Other Markets

Alan Brugler - Barchart - Thu May 13, 12:25PM UTC

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ZWN21 - Wheat

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MWK24	693-4	+2-4	+0.36%

Wheat futures are 1 to 8 cents lower in early Thursday trading activity. On Wednesday, domestic wheat futures closed with double digit losses. CBT SRW prices were 11 1/4 to 12 cents in the red. KC HRW futures were down the most with Wednesday losses of 2.5% to 2.8%. Minneapolis wheat futures closed fractionally to a nickel lower.

USDA lowered old crop wheat exports by 20 mbu to 965 mbu. That left stocks 20 mbu higher to 872 million bushels, as the pre report expectations were to see tighter stocks. For new crop, USDA has all wheat production at 1.872 bbu matching the trade’s average guess. The USDA sees higher exports and higher wheat feeding in 2021/22. The initial 2021/22 carryout figure is 774 mbu, continuing the trend of shrinking stocks. USDA’s first new crop cash average price guess is $6.50/bu.

Trade ideas for weekly US wheat export sales through May 6 are running negative for old crop (rollovers) and 150,000 to 310,000 MT for new crop.

USDA anticipates record large world wheat production in 2021/22. Global carryout was trimmed some for old crop to 294.67 MMT matching the trade average guess. 2021/22 stocks are estimated at 294.96 MMT, also matching the pre report trade estimates.

Cash SRW Wheat was $7.03 5/6 yesterday, down 11 3/4 cents,

Jul 21 CBOT Wheat closed at $7.29 3/4, down 12 cents, and is down 6 ¾ early Thursday

Cash HRW Wheat was $6.62 yesterday, down 18 7/8 cents,

Jul 21 KCBT Wheat closed at $6.90 3/4, down 19 3/4 cents, and is down 8 1/4 this morning,

Jul 21 MGEX Wheat closed at $7.65 1/2, down 5 cents, and is down 4 1/4 this morning

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