Afternoon wheat: KC wheat closes higher for a third straight day
<div class=\"default-font-wrapper\" style=\"line-height: 1;font-size: 12pt; font-family: Verdana, Geneva, sans-serif;\"><p id=\"isPasted\" style=\'margin:0in;font-size:12pt;font-family:\"Times New Roman\",serif;text-align:justify;\'><strong><em><u><span style=\'font-family:\"Arial\",sans-serif;color:red;\'>Futures:</span></u></em></strong></p><p style=\'margin:0in;font-size:12pt;font-family:\"Times New Roman\",serif;text-align:justify;\'><span style=\'font-family:\"Arial\",sans-serif;\'>The grain complex finished the night a little weaker (except KC wheat and bean oil), and trade during the day mirrored that most of the day in what turned out to be a very quiet, low volume trade with most traders sitting on the sidelines awaiting the tariff plan reveal this afternoon. KC wheat likely saw some weather premium being added to trade as the Dakota’s and Minn saw some snow over the past few days, and frost and freezes are forecast across the central US this weekend into early next week, with some night-time temps from North Dakota down through the panhandle of Texas possibly falling into the 20’s. Probably will not affect the wheat from Neb up north, but it may from Kansas down through Okla and northern Texas as development there is much further along. With still several days away, the situation needs to be monitored.</span></p><p style=\'margin:0in;font-size:12pt;font-family:\"Times New Roman\",serif;text-align:justify;\'><span style=\'font-family:\"Arial\",sans-serif;\'> </span></p><p style=\'margin:0in;font-size:12pt;font-family:\"Times New Roman\",serif;text-align:justify;\'><span style=\'font-family:\"Arial\",sans-serif;\'>The tariff reveal is later this afternoon. The White House press secretary said the new reciprocal duties are due to take effect immediately after President Trump announces them, while a separate 25% global tariff on auto imports will take effect tomorrow.</span></p><p style=\'margin:0in;font-size:12pt;font-family:\"Times New Roman\",serif;text-align:justify;\'><span style=\'font-family:\"Arial\",sans-serif;\'> </span></p><p style=\'margin:0in;font-size:12pt;font-family:\"Times New Roman\",serif;text-align:justify;\'><span style=\'font-family:\"Arial\",sans-serif;\'>Chicago May wheat </span><span style=\'font-family:\"Arial\",sans-serif;\'>started the night with slight gains, but trade would soon reverse lower and gradually weaken the rest of the night before ultimately finishing six lower. The day session was more of a roller coaster, with futures initially rallying to near unchanged, then retreating back to six lower, then rallying again, this time to two higher, before weakening into the close and finishing slightly lower. </span><span style=\'font-family:\"Arial\",sans-serif;\'>KC May wheat started the night four higher, but by the early morning the market had given back its gains and was trading four lower. However, trade firmed into the morning break to finish with slight gains. Like with Chicago, price action during the day was like playing with a yo-yo, with futures initially rallying to seven higher, then falling to two lower, then rallying to seven higher again before finishing only around three higher. </span></p><p style=\'margin:0in;font-size:12pt;font-family:\"Times New Roman\",serif;text-align:justify;\'><span style=\'font-family:\"Arial\",sans-serif;\'> </span></p><p style=\'margin:0in;font-size:12pt;font-family:\"Times New Roman\",serif;text-align:justify;\'><strong><em><u><span style=\'font-family:\"Arial\",sans-serif;color:red;\'>Headline news:</span></u></em></strong><span style=\"color:black;\"> </span></p><p style=\'margin:0in;font-size:12pt;font-family:\"Times New Roman\",serif;text-align:justify;\'><span style=\'font-family:\"Arial\",sans-serif;\'>USDA weekly export sales will be out in the morning. There were no announced sales last week, but there was plenty of Korean business around, and although we know some went South America’s way, we may have received our fair share as well. Wheat sales last week were poor for a second consecutive week, coming in at only 111 TMT combined. They will be better tomorrow as Taiwan bought 100 US, Japan bought some US and it looked as if we had some Korean and Mexican business as well. When combined with other usual business, it may turn out to be a decent week. Look for between 300 and 500 TMT combined. </span></p><p style=\'margin:0in;font-size:12pt;font-family:\"Times New Roman\",serif;text-align:justify;\'><span style=\'font-family:\"Arial\",sans-serif;\'> </span></p><p style=\'margin:0in;font-size:12pt;font-family:\"Times New Roman\",serif;text-align:justify;\'><span style=\'font-family:\"Arial\",sans-serif;\'>The UAC, which is a Ukrainian farmer group, forecast Ukrainian wheat exports during April at 1.0 MMT, which would be slightly lower than March's 1.1 MMT export pace. Ukraine Ag Ministry puts Ukrainian wheat exports thus far this marketing year upwards of 13.0 MMT.</span></p><p style=\'margin:0in;font-size:12pt;font-family:\"Times New Roman\",serif;text-align:justify;\'><span style=\'font-family:\"Arial\",sans-serif;\'> </span></p><p style=\'margin:0in;font-size:12pt;font-family:\"Times New Roman\",serif;\'><strong><em><u><span style=\'font-family:\"Arial\",sans-serif;color:red;\'>Export business around this week:</span></u></em></strong><span style=\"color:black;\"> </span></p><p style=\'margin:0in;font-size:12pt;font-family:\"Times New Roman\",serif;text-align:justify;\'><span style=\'font-family:\"Arial\",sans-serif;\'>** April 3 Japan is in with their usual weekly tender seeking 119,847 my of Canadian and US wheat. The total includes 60,596 mt of Canadian red, 34,490 mt of US HRW and 24,761 mt of US Dark Northern Spring.</span></p><p style=\'margin:0in;font-size:12pt;font-family:\"Times New Roman\",serif;text-align:justify;\'><span style=\'font-family:\"Arial\",sans-serif;\'>** April 8 Jordan is back in for up to 120 TMT of opt origin milling wheat.</span></p><p style=\'margin:0in;font-size:12pt;font-family:\"Times New Roman\",serif;text-align:justify;\'><span style=\'font-family:\"Arial\",sans-serif;\'>** April 28 Syria is back in for 100 TMT of milling wheat. They just bought 100 TMT of wheat last week. </span></p></div>