Wheat Comes Back to Post Thursday Strength
Wheat bulls held their ground on Thursday, with gains across the three exchanges. Kansas City futures were up 11 to 11 ½ cents across most contracts. Chicago contracts were 3 to 5 ¼ cents higher at the close. MPLS spring wheat was 3 ¾ to 7 cents higher on the day.
The weekly Export Sales report showed a net reduction of 20,298 MT of wheat sales in the week of 4/25, mainly driven by cancellations for HRW and SRW. For the week that ended on April 25, new crop sales were in the middle of the trade range of estimates at 406,911 MT. The top buyer was Taiwan at 106,700 MT, with unknown buying 95,000 MT.
Export Data released by Census this morning indicated 2.09 MMT (77.1 mbu) of wheat shipped in March, an 18-month high 3-year high for March. That took the 10-month total for the MY to 569 mbu (584 mbu including products).
Ukraine’s farm minister expects 24/25 wheat exports to drop to 14 MMT compared to the estimated 18 MMT for the current MY.
May 24 CBOT Wheat closed at $5.86 1/2, up 5 cents,
Jul 24 CBOT Wheat closed at $6.04 1/4, up 5 cents,
May 24 KCBT Wheat closed at $6.37, up 11 1/2 cents,
Jul 24 KCBT Wheat closed at $6.36 1/2, up 11 1/2 cents,
Jul 24 MGEX Wheat closed at $7.09 1/4, up 7 cents,
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.
