May Chgo Wheat closed 12 ¼ cents higher ($7.37 ½), July 6 ¼ cents higher ($7.29) & Sept 6 ¼ cents higher ($7.27)
May KC Wheat closed ¾ cent lower ($6.88 ½), July 2 cents lower ($6.94 ½) & Sept 1 ½ cents lower ($6.98 ½)
May Mpls Wheat closed 11 ¼ cents higher ($7.35 ½), July 12 ½ cents higher ($7.44 ½) & Sept 11 ¼ cents higher ($7.50)
Weekly Wheat Export Sales – 223.6 K T. old crop vs. 0-300 K T. expected – 237.7 K T. new crop vs. 200-450 K T. expected
Today’s wheat trade was all about the different varieties and the possibilities of deliveries. The Mpls market traded the ongoing dryness in the northern US Plains and the Canadian deliveries. There should be some spring wheat deliveries but I don’t have a good handle on just how many. The KC market traded the possibility of some beneficial moisture in the central southern Plains as well as the possibility of some deliveries. Chgo wheat gets caught in the middle of all this. Chgo deliveries is anyone’s guess. Early in the morning the nearby spread broke down suggesting the possibility of deliveries but by the end of the day maybe not as the spread firmed dramatically. Chgo wheat continues to get some help from the idea of better wheat feeding due to high corn prices but I’ve never seen a bull market on better wheat feeding. In the end wheat will continue to follow the crowd; mostly what old crop corn is doing.
Daily Support & Resistance – 04/30
July Chgo: $7.15 – $7.42
July KC Wheat: $6.85 – $7.15
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