Wheat futures closed the Tuesday session in the black after an afternoon pullback. CBT SRW futures ended the session 0.28% to 0.43% higher, led by Dec. KC wheat futures were 5 to 6 cents in the black, with July closing 1.02% higher. MGE spring wheat ended Tuesday up by 4 1/2 to 6 1/4 cents.
The KC wheat to corn spread ended the session with a 4 3/4 cent premium for wheat. However cmdtyView cash data suggest the cash spread favors corn by 12 3/4 cents. For new crop the board spread favors wheat by 94 3/4 cents and 90 cents on the cash side.
Russia’s formula based export tax takes effect on June 2. Russian wheat FOB offers are ~$247/MT but were mostly $280-$285 from Jan-March. For comparative purposes France prices are $256/MT and US is $235/MT (12.5% pro).
Cash SRW Wheat was $6.02 1/4, up 1 3/4 cents,
May 21 CBOT Wheat closed at $6.29 3/4, up 1 3/4 cents,
Jul 21 CBOT Wheat closed at $6.33 1/2, up 2 1/4 cents,
Cash HRW Wheat was $5.53 1/2, up 6 1/8 cents,
May 21 KCBT Wheat closed at $5.84 3/4, up 5 3/4 cents,
Jul 21 KCBT Wheat closed at $5.92 3/4, up 6 cents,
May 21 MGEX Wheat closed at $6.49, up 6 1/4 cents,
