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Wheat Rallies Thirty To Fifty Cents On Thursday

The Thursday wheat session pushed higher. SRW futures were up 25 3/4 to 30 cents on the day. KC HRW prices strengthened 47 3/4 to 53 3/4 cents. Spring wheat futures were 32 to 33 3/4 cents higher. Oats Futures Prices closed with 9 to 19 cent losses on Thursday, missing out on the boost. Export Sales data from the week that ended 4/28 showed 118,757 MT of old crop was booked. That was in line with modest expectations, but still a 4-week high. USDA’s data had 2.14 MMT of wheat on the books with 4 weeks of reporting left. For new crop, an 11 week low of 42,449 MT was reported. That was also just 10% of the volume sold during the same week last year, and was below the range of estimates. FAS has 2.31 MMT of wheat on the books for 22/23 exports, a volume 23% lighter than last year. Census data showed the official total wheat exports were 18.263 MMT through March, as March shipments added 1.7 MMT. Shipments in March were down 20.3% yr/yr. USDA had the official full year wheat export total as 21.36 MMT in their April WASDE. Mexico and the Philippines were the month’s top destinations. May 22 CBOT Wheat closed at $10.96, up 30 cents, Cash SRW Wheat was $10.45 3/8, up 31 1/2 cents, Jul SRW Wheat closed at $11.06 1/2, up 30 cents, May 22 KCBT Wheat closed at $11.65 3/4, up 53 1/4 cents, Cash HRW Wheat was $11.30, up 54 1/4 cents, Jul HRW Wheat closed at $11.77, up 53 3/4 cents, May 22 MGEX Wheat closed at $12.04 1/4, up 31 cents, Sep 22 MGEX Wheat closed at $12.06, up 33 3/4 cents,