Overnight action in wheat has prices trading 5 to 12 cents higher this morning, with the winter wheat contracts leading the way. Wheat bulls held their ground on Thursday, with gains across all three exchanges.  Kansas City futures were up 11 to 11 ½ cents across most contracts. Chicago contracts were 3 to 5 ¼ cents higher at the close. MPLS spring wheat was 3 ¾ to 7 cents higher on the day.  There were again zero deliveries vs. KC May futures. 

The weekly Export Sales report showed a net reduction of 20,298 MT of old crop wheat sales in the week of 4/25, mainly driven by cancellations for HRW and SRW. For the week that ended on April 25, new crop sales were in the middle of the trade range of estimates at 406,911 MT. The top buyer was Taiwan at 106,700 MT, with unknown buying 95,000 MT.

Export Data released by Census Thursday morning indicated 2.09 MMT (77.1 mbu) of wheat officially shipped in March, an 18-month high for any month and 3-year high for March. That took the 10-month total for the MY to 569 mbu (584 mbu including products).

Ukraine’s farm minister expects 24/25 wheat exports to drop to 14 MMT compared to the estimated 18 MMT for the current MY. 

May 24 CBOT Wheat  closed at $5.86 1/2, up 5 cents, currently unchanged

Jul 24 CBOT Wheat  closed at $6.04 1/4, up 5 cents, currently up 12 cents

May 24 KCBT Wheat  closed at $6.37, up 11 1/2 cents, currently unchanged

Jul 24 KCBT Wheat  closed at $6.36 1/2, up 11 1/2 cents, currently up 12 cents

Jul 24 MGEX Wheat  closed at $7.09 1/4, up 7 cents, currently up 5 1/2 cents