Wheat Market Giving Back 6 to 7 Cents of Advance

Wheat futures are mostly 6 to 7 cents lower in the KC and Chicago contracts this Friday morning. Minneapolis spring wheat futures are just fractionally lower. Wheat ended Thursday with most contracts 9 to 19 1/4 cents higher. The nearby CBT-KC spread closed at the largest CBT premium on record of 54 3/4 cents on Thursday. Unshipped old crop exports sales remained at 1.628 MMT, with just 1 shipping day left in the marketing year. Most will be rolled over for new crop delivery. New crop sales in the week ending May 30 were a MY high 501,893 MT. Census Trade data for April shows US exporters shipped 2.83 MMT (103.98 mbu) of wheat, the highest monthly total all year. That was a 6-year high for April and 44.46% above March, with the YTD total at 813 mbu and just May data remaining. Japan purchased a total of 77,042 MT of Australian and US (58,157 MT) wheat in their weekly MOA tender.

--provided by Brugler Marketing & Management

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