Wheat Lower on the Midweek Session
The wheat market is trading lower on Wednesday. Kansas City is leading the way with losses of 6 to 8 cents cents and in delivery May down 1 ¾. Chicago contracts are down 4 to 6 cents across the nearbys. MPLS spring wheat is steady to 2 ½ cents lower across the board.
Delivery notices vs. May CBT wheat slowed down, to 678 contracts, of which Dorman Trading customers stopped 617. There were again zero deliveries against KC May.
The 7-day QPF from NOAA shows some precip making its way further into some western portions of the Plains that have thus far remained dry.
The weekly Export Sales report will be release on Thursday morning, with traders expecting a range of net reductions of 100,000 MT to net sales fo 100,000 MT for old crop. In the week that ended on 4/25, new crop sales are estimated in a range of 200,000 to 600,000 MT.
May 24 CBOT Wheat is at $5.79, down 6 cents,
Jul 24 CBOT Wheat is at $5.99, down 4 1/4 cents,
May 24 KCBT Wheat is at $6.21, down 1 3/4 cents,
Jul 24 KCBT Wheat is at $6.28 1/4, down 7 cents,
Jul 24 MGEX Wheat is at $7.03 3/4, down 1/2 cent,
On the date of publication, Alan Brugler 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.
