Wheat Recovers on Turnaround Tuesday
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Tuesday wheat trading brought futures back up from the +30 cent drops on Monday. CBT futures ended the session off the highs but still 8 to 11 1/4 cents in the black. KC HRW futures closed 6 1/2 to 7 cents higher on the day, though July is still 34 cents below the week’s open.  MGE spring wheat futures closed with Tuesday gains of 13 to 17 1/4 cents. 

Production estimates ahead of the May WASDE show traders on average expect 1.258 bbu of winter wheat production within a range of 1.15 and 1.374 bbu. That would be up from 1.171 bbu last season if realized. All wheat production is forecasted between 1.769 bbu and 1.976 bbu for an average of 1.877 billion bushels. 

The average pre-report estimate for old crop wheat stocks is to see 849.8 mbu. If realized that would be down 2.2 million from USDA’s April figure. New crop wheat stocks are estimated between 661 and 860 mbu, with the average at 751. 

Cash SRW Wheat  was $7.15 4/7, up 11 3/8 cents,

Jul 21 CBOT Wheat  closed at $7.41 3/4, up 11 1/4 cents,

Cash HRW Wheat  was $6.81, up 7 1/8 cents,

Jul 21 KCBT Wheat  closed at $7.10 1/2, up 7 cents,

Jul 21 MGEX Wheat  closed at $7.70 1/2, up 17 1/4 cents,

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