Wheat Showing Wednesday Bounce Higher
The wheat markets are trading with contracts higher across the three exchanges. Chicago SRW futures are posting with 5 to 6 cent gains at midday. Kansas City HRW is up 6 to 9 cents as we trade through the Wednesday session. MPLS spring wheat is 1 to 3 cents higher at midday.
Export sales data released on Thursday morning is expected to show a range of net reductions of 100,000 MT to net sales of 200,000 MT for old crop. New crop sales are estimated in a range of 0-300,000 MT.
The French soft wheat ending stocks for 2024/25 are estimated at 2.81 MMT, down 0.1 MMT from the previous estimate from the FranceAgriMer. The European Commission tallied the EU soft wheat exports at 16.67 MMT by 4/13, which lags the 25.71 MMT total from last year.
Algeria purchased a total of at least 570,000 MT of wheat in a tender on Wednesday.
May 25 CBOT Wheat is at $5.48, up 6 cents,
Jul 25 CBOT Wheat is at $5.61 3/4, up 5 3/4 cents,
May 25 KCBT Wheat is at $5.61 1/4, up 8 1/4 cents,
Jul 25 KCBT Wheat is at $5.74 3/4, up 6 1/4 cents,
May 25 MGEX Wheat is at $6.03 3/4, up 2 1/2 cents,
Jul 25 MGEX Wheat is at $6.17, up 1 1/2 cents,
On the date of publication, Austin Schroeder did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here.