KC Wheat Leading Midday Charge Higher

The wheat complex is higher across all three exchanges on Wednesday. Midday action is seeing KC futures lead the rally, with gains of 11 to 16 cents in the front months. MPLS spring wheat contracts are following up with 4 to 7 cent gains. CBoT futures are steady to 2 ¼ cents higher in the nearby contracts. 

With the weekly Export Sales report out on Thursday morning, the trade range of estimates calls for net cancellations of 100,000 MT to sales of 250,000 MT for old crop. New crop bookings are seen totaling 100,000-300,000 MT.

Monthly WASDE data will get an update on Thursday, with the trade expecting an ending stocks increase after the larger than expected March 31 stocks totals. The average trade estimate is 690 mbu, which would be a 17 mbu hike from the March balance sheet update. The range is from 670 mbu to 723 mbu. For the world number, traders are estimating a 0.4 MMT increase to 259.2 MMT. 

May 24 CBOT Wheat  is at $5.59 3/4, up 2 cents,

Jul 24 CBOT Wheat  is at $5.74 1/4, up 2 1/4 cents,

May 24 KCBT Wheat  is at $5.93 1/4, up 16 cents,

Jul 24 KCBT Wheat  is at $5.86 1/2, up 12 1/4 cents,

Jul 24 MGEX Wheat  is at $6.62 1/2, up 4 3/4 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.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.


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