May wheat opened 3 1/4 cents higher on the session at 789 1/2 and established an early range of 779 1/2 to 791 3/4. A sharp break in Kansas City wheat helped spark some selling pressures for Chicago wheat into the mid-session. While much of the western sections of the southern plains winter wheat growing areas look to stay mostly dry ahead, traders have increased rain amounts for the central and northern sections of the winter wheat belt and this may have sparked some increased selling pressures after the higher opening. A big jump in India production was seen as a negative force. India’s Farm Minister believes the wheat harvest could reach a record 84.3 million tonnes, up from 80.8 million last year and up from the previous government forecast of 81.47 million tonnes. Traders also indicate that the China winter wheat conditions are better than expected after dryness this past winter. For the supply/demand update on Friday, traders see ending stocks adjusted higher by about 15 million bushels from last months estimate at 843 million. World ending stocks are expected to increase slightly.

Bron: CME