Wheat (P) Futures PricesThursday, May 24th, 2012

Wheat is trading 5 to 7 cents higher. Rain entered the extended forecast for some of the troubled areas in the Great Plains and also in Russia. Merchants still expect the beginning of harvest in the largest state (Kansas) to put pressure on the cash market, unless we see more lower-than-expected yields coming in. Ohio SRW basis continues to be unusually firm. Traders are looking for USDA to report combined old and new crop export sales for last week at 330,000-550,000 MT. USDA put the actual figure at 72,400 MT, a marketing year low but net sales for 2012/13 were 754,600 MT.