Wheat Holding Double Digit Gains So Far
The wheat complex is heading higher on Friday. Chicago contracts are the leaders, with gains of 17 to 20 cents across most contracts. Kansas City futures are up 13 to 15 cents on the day, so far. There were again zero deliveries vs. KC May futures. MPLS spring wheat futures are 4 to 7 cents higher.
The 7-da QPF from NOAA shows very light precip totals in the western portion of the Plains over the next week.
Dryness concerns in Russia have caused IKAR to trim their Russian wheat crop estimate by 2 MMT to 91 MMT. Forecasts are shifting to a drier pattern over the next couple weeks. Algeria purchase an estimated 240,000 to 300,000 MT of wheat in their recent tender on Thursday.
May 24 CBOT Wheat is at $5.86 1/2, unch,
Jul 24 CBOT Wheat is at $6.23 3/4, up 19 1/2 cents,
May 24 KCBT Wheat is at $6.75, up 38 cents,
Jul 24 KCBT Wheat is at $6.51 1/2, up 15 cents,
Jul 24 MGEX Wheat is at $7.15 1/2, up 6 1/4 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.
