Farmers Coop Elevator Rosholt -

Wednesday Wheat Weaker at Close

Alan Brugler - Barchart - Wed May 12, 9:50PM UTC

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ZWN21 - Wheat

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KEN21	617-4s	+5-0	+0.82%
MWK24	646-0	+9-0	+1.41%

Domestic wheat futures closed the midweek session with double digit losses from sell the fact report response. CBT SRW prices were 11 1/4 to 12 cents in the red. KC HRW futures were down the most with Wednesday losses of 2.5% to 2.8%. Minneapolis wheat futures pulled back from initial gains and closed fractionally to a nickel lower. USDA has the cash average price for wheat at $5.05/bu compared to the $5 shown in April. New crop’s first cash price guess is $6.50/bu.

In the report, USDA has all wheat production at 1.872 bbu, compared to the 1.877 expected going in. USDA sees exports will overall decrease from the 965 mbu this season (itself down 20 mbu from April) to 900 mbu. HRW is still estimated to hold the top share with 35% of the total, though white wheat gained share against SRW and HRS. Feed and residual is seen 70 mbu higher for 21/22 than the 100 mbu of old crop fed.

Globally, USDA did not change production figures for any major exporters, but sees decreases for this season in Australia and Canada offset by increased European output. FranceAgrimer lowered their French wheat ending stocks figure by 100k MT to 2.6 MMT.

Japan issued a tender for 122,180 MT of wheat – 60,800 U.S. specific.

Cash SRW Wheat was $7.03 5/6, down 11 3/4 cents,

Jul 21 CBOT Wheat closed at $7.29 3/4, down 12 cents,

Cash HRW Wheat was $6.62, down 18 7/8 cents,

Jul 21 KCBT Wheat closed at $6.90 3/4, down 19 3/4 cents,

Jul 21 MGEX Wheat closed at $7.65 1/2, down 5 cents,

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