Wheat Morning Update & Commentary

<div><font face="arial" size="3">Wheat Morning Update &amp; Commentary</font></div><div><font face="arial" size="3"><br></font></div><div><font face="arial" size="3">QT News - Top News</font></div><div><font face="arial" size="3">-- Farm office FranceAgriMer on Wednesday lowered its forecast of French soft wheat exports outside the European Union in the 2021/22 season to 9.25 million tonnes from 9.5 million estimated in April.</font></div><div><font face="arial" size="3">- Jordan's state grains buyer has issued a new international tender to purchase 120,000 tonnes of animal feed barley, European traders said on Wednesday.</font></div><div><font face="arial" size="3">The deadline for submission of price offers in the tender is May 18.</font></div><div><font face="arial" size="3">-- India, the world's second-biggest wheat producer, exported a record 7 million tonnes of the grain in fiscal 2021-22.</font></div><div><font face="arial" size="3"><br></font></div><div><font face="arial" size="3"><br></font></div><div><font face="arial" size="3">Analysts Expectations for May 2022 USDA-WASDE Supply/Demand Report</font></div><div><font face="arial" size="3">Ahead of Thursday's monthly USDA crop report, analysts are forecasting US 21/22 Wheat ending stockpiles at 685 million bushels, that compares to the April report figure at 678 mln bu.</font></div><div><font face="arial" size="3">Ahead of Thursday's monthly USDA crop report, analysts first look at US 22/23 Wheat ending stockpiles are at 660 million bushels</font></div><div><font face="arial" size="3">Analysts are forecasting Thursday's monthly USDA crop report to show 21/22 Global Wheat ending stockpiles at 278.3 mln mt, that compares to April's figure at 278.4 mln mt.&nbsp; In a first look at 22/23 global ending stocks, analysts expect them at 272.1 mln mt.</font></div><div><font face="arial" size="3">Ahead of Thursday's monthly USDA crop report, analysts are forecasting 22/23 All Wheat production at 1.79 bln bushels, that compares to the 21/22 crop at 1.646 bln bu.</font></div><div><font face="arial" size="3">Ahead of Thursday's monthly USDA crop report, analysts are forecasting 22/23 Winter Wheat production at 1.240 bln bushels, that compares to the 21/22 crop at 1.277 bln bu.&nbsp; 22/23 HRW wheat output is forecast at 0.685 bln bu, SRW wheat output is seen at 0.360 bln bu, and white winter wheat output is forecast at 0.199 bln bu.</font></div><div><font face="arial" size="3"><br></font></div><div><font face="arial" size="3"><br></font></div><div><font face="arial" size="3">Pending Tenders</font></div><div><font face="arial" size="3">-- Pending Tender:&nbsp; On Thursday, grain trade sources say Jordan issued another 120,000 mt option origin Wheat tender to close on May 11th.&nbsp; The grain is for shipment in either June, or August.</font></div><div><font face="arial" size="3">-- Pending Tender:&nbsp; Grain traders Friday say 40,000 mt of US origin mill Wheat is sought by Taiwan's Flour Miller Association, the offer deadline is May 13th.&nbsp; The grain is for shipment between June 26th and July 10th.</font></div><div><font face="arial" size="3">--&nbsp; Pending Tender: Japan's Ministry of Agriculture, Forestry and Fisheries (MAFF) is seeking to buy a total of 196,560 tonnes of food-quality wheat from the United States, Canada and Australia in regular tenders that will close on May 12.</font></div><div><font face="arial" size="3">-- Pending Tender: Bangladesh's state grains buyer has issued an international tender to purchase 50,000 tonnes of milling wheat. The deadline for submission of price offers is May 23.</font></div><div><font face="arial" size="3">-- Japan's Ministry of Agriculture, Forestry and Fisheries (MAFF) said on Wednesday that it will seek 70,000 tonnes of feed wheat and 40,000 tonnes of feed barley to be loaded by Aug. 31 and arrive in Japan by Oct. 27, via a simultaneous buy and sell (SBS) auction that will be held on May 18.</font></div><div><font face="arial" size="3"><br></font></div><div><font face="arial" size="3">-- Euronext Paris September mill wheat futures on Wednesday are trading +5.50 euro lower at 402.00 euros/mt</font></div><div><font face="arial" size="3"><br></font></div><div><font face="arial" size="3">-- Outside markets.&nbsp;</font></div><div><font face="arial" size="3">Gold<span style="white-space:pre">	</span>1,852.30<span style="white-space:pre">	</span>11.30<span style="white-space:pre">	</span>0.61%<span style="white-space:pre">	</span></font></div><div><font face="arial" size="3">Silver<span style="white-space:pre">	</span>21.765<span style="white-space:pre">	</span>0.341<span style="white-space:pre">	</span>1.59%<span style="white-space:pre">	</span></font></div><div><font face="arial" size="3">Crude Oil<span style="white-space:pre">	</span>103.82<span style="white-space:pre">	</span>4.06<span style="white-space:pre">	</span>4.07%<span style="white-space:pre">	</span></font></div><div><font face="arial" size="3"><br></font></div><div><font face="arial" size="3"><br></font></div><div><font face="arial" size="3">QT News Cash Markets</font></div><div><br></div><img src="https://download.qtmarketcenter.com/jay/2022-05-11_5-55-22.jpg">