Front month wheat futures bounced off the sharp losses on Wednesday, but still closed about 30 cents lower. CBT futures ended the session 25 to 28 1/4 cents in the red. KC wheat futures closed 30 1/2 to 31 3/4 cents in the red. The new crop cash HRW/corn spread was slightly firmer citing cmdtyView data. The old crop cash spread still favors corn by 60 cents. At the close, Minneapolis spring wheat futures were 23 1/4 to 24 1/4 cents in the red.  

The weekly Export Sales report showed 30,290 MT of wheat bookings through the week ending 5/6. That was up from net cancelations last week, though were well below the same week last season. The shipments were reported at 523,057 MT to bring the season’s total export to 23 MMT through 5/6. That is 88% of USDA’s recently reduced forecast. 

For new crop bookings, the weekly update showed 268,042 MT were sold. That brought the total forward book to 3.259 MMT as of 5/6. HRW and HRS make up the majority of the new crop bookings with 27% of the total for each. On Wednesday USDA showed HRW is still estimated to be the top shipped variety, but showed white wheat’s share would gain on SRW and HRS. 

Cash SRW Wheat  was $6.76 2/3, down 27 1/8 cents,

Jul 21 CBOT Wheat  closed at $7.01 1/2, down 28 1/4 cents,

Cash HRW Wheat  was $6.29 1/4, down 32 3/4 cents,

Jul 21 KCBT Wheat  closed at $6.57 3/4, down 33 cents,

Jul 21 MGEX Wheat  closed at $7.41 1/4, down 24 1/4 cents,