Wheat Bouncing on Friday
The wheat complex is trading with gains across the three markets on Friday. Chicago SRW futures are up 4 to 7 cents higher to round out the week. KC HRW futures are 4 to 9 cents in the green so far on Friday. MPLS spring wheat is trading with 5 to 7 cent gains at midday.
USDA’s Export Sales report has the total commitments for old crop wheat sales at 24.94 MMT, which is 15% larger yr/yr. That is 102% of the USDA estimate and near the 103% average sales pace. Actual shipments are 22.056 MMT, 90% of the USDA number and 1 percentage point behind normal.
Don’t Miss a Day: From crude oil to coffee, sign up free for Barchart’s best-in-class commodity analysis.
Tuesday will see the release of the May WASDE, with old crop stocks down 8 mbu at 930 mbu according a Bloomberg survey. New crop data will also be released, with US stocks seen at 845 mbu and a range of 759 to 955 mbu.
The annual Kansas HRW wheat tour will take place next week.
May 26 CBOT Wheat is at $6.06 1/2, up 4 3/4 cents,
Jul 26 CBOT Wheat is at $6.19 1/4, up 7 cents,
May 26 KCBT Wheat is at $6.59, up 4 1/4 cents,
Jul 26 KCBT Wheat is at $6.76, up 8 3/4 cents,
May 26 MIAX Wheat is at $6.71 3/4, up 7 1/2 cents,
Jul 26 MIAX Wheat is at $6.79, up 5 1/4 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.
More news from Barchart
- Soybean Meal Prices Are Starting to Catch Up Amid Inflation Fears, Food Shortages. How to Trade Them Here.
- Grain Market Update: Are Iran Ceasefire Rumors Creating a Commodity Trap
- Ignore the Panic Over Falling Crude Oil Prices and Buy July SRW Wheat Here
- All Aboard! Grain Bulls Are Looking to Recreate Record Runs in Gold, Silver Prices
