Wheat futures are trading 5 to 7 cents per bushel higher in the MPLS spring wheat futures this morning with heavy snow accumulations pushing planting back into May. The Chicago and KC contracts are 1 to 2 1/2 cents higher. They were down 1 to 2 1/2 cents in the nearby winter wheat contracts yesterday. Preliminary open interest continues to rise, up 5, 378 contracts on Wednesday. Heavy snow fall expected in HRS country this week supported the MPLS market on Wednesday, up 5 to 7 1/4 cents. The range of estimates ahead of this morning's USDA Export Sales report is 300,000-500,000 MT of old crop wheat bookings and 100,000-200,000 MT for new crop in the week that ended April 4. Japan tendered Thursday for 113,124 MT of wheat from US, Canada, and Australia, with 55,709 MT sought from the US. The Philippines is also tendering for 165,000 MT of international wheat.
--Provided by Brugler Marketing & Management