Wheat

Wheat futures are 2 to 8 cents higher this morning, with the most price movements in the nearby Chicago SRW contracts. They posted gains of 9 to 11 1/4 cents in most contracts on Wednesday. Rains pushing their way through the Northern Plains are slowing any planting that is left in the area. The 6-10 day outlook shows warmer temperatures on the way for most of the Plains over the next week, providing a little support for the drought stressed HRW. Analysts are looking for net reductions of 100,000 MT to sales of 100,000 MT for old crop wheat export sales during the week of 5/17. New crop sales are expected to be in the range of 100,000-400,000 MT. That would be an improvement over last week’s total sales of 193,738 MT.




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