May Chgo Wheat closed 10 ¾ cents lower ($6.28), July 9 ¼ cents lower ($6.31 ¼) & Sept 9 ¼ cents lower ($6.32 ¼)
May KC Wheat closed 7 ½ cents lower ($5.79), July 7 ½ cents lower ($5.86 ¾) & Sept 7 ½ cents lower ($5.93 ¼)
May Mpls Wheat closed 11 ¼ cents lower ($6.42 ¾), July 11 cents lower ($6.50 ¼) & Sept 11 cents lower ($6.56 ½)
Weekly Wheat Export Inspections – 458.4 K T. vs. 300-500 K T. expected
China increases their wheat reserve selling price to squelch demand. The US Northern Plains/Canadian prairies are experiencing some light scattered moisture today. Forecasts going forward are not holding their breath for an increase in moisture relief. For what it is worth the NWS continues to call for cool and dry conditions to stay with us into the last week of April. This holds true for the Northern Plains down to the Southern Plains. Weekly wheat export inspections were deemed as okay given they favored the high side of expectations. Overall I think the wheat trading funds were following the crowd today. Going forward focus will concentrate on spring wheat planting/conditions as well as the winter wheat’s condition as it approaches maturity. As the USDA reminded us on Friday the US does not have any issues with demand. The World is seeing a noticeable increase in wheat feeding but so far it has not had all that much impact here in the US.
Daily Support & Resistance – 04/13
July Chgo Wheat : $6.23 – $6.39
July KC Wheat: $5.78 – $5.96
The risk of trading futures and options can be substantial. Each investor must consider whether this is a suitable investment. Past performance is not indicative of future results.