Wheat is showing early Thursday morning losses, as bulls take profits into the last trade day of April. The wheat complex fell off the early session highs on Wednesday, as month end profit taking got off to a day early start. Chicago SRW futures were down fractionally to 6 ¾ cents, with deferreds up ¼ to 3 ¼ cents. Open interest was up 3,077 contracts. There were 400 deliveries against May CBT wheat overnight. KC HRW futures were up fractionally to 2 ½ cents, with exception to May, down 6 ½ cents ahead of first notice day. There were 578 deliveries against May KC wheat on FND, all by the Bunge house account. MPLS spring wheat was up 2 ¼ to 4 ½ cents across the board on Wednesday.
Export Sales data will be out this morning, with traders looking for old crop business at 0-300,000 MT in the week of 4/23. New crop sales at seen in a range of 0-200,000 MT.
