Wheat Bulls Gobbling on Wednesday Morning

The wheat market is trading higher across all three exchanges this morning after overnight action. They managed to get a Turnaround Tuesday bounce. Chicago SRW contracts were up 9 ½ to 12 ¼ cents on the session. Kansas City HRW contracts closed out the day with 4 ¾ to 6 ¼ cent gains. MPLS spring wheat was 6 to 10 ¼ cents higher across most contracts.

The next 7 days looks pretty dry across much of the Central Plains and further East, with just light totals (

Reports of a Russian strike on another Ukrainian port facility in Odesa gave the market some support later in the session. With that said, the market has failed to put much extended reaction to the Black Sea developments of late. APK-Inform raised their Ukraine wheat export forecast to 13 MMT vs. USDA at 12 MMT.  

Algeria, normally large buyer, is back in the market for wheat.

Dec 23 CBOT Wheat  closed at $5.55, up 11 1/2 cents, currently up 3 ¼ cents

Mar 24 CBOT Wheat  closed at $5.82 3/4, up 12 1/4 cents, currently up 3 ½ cents

Cash SRW Wheat  was $4.75 5/8, up 11 5/8 cents,

Dec 23 KCBT Wheat  closed at $6.15 3/4, up 5 1/4 cents, currently up 3 ½ cents

Cash HRW Wheat  was $5.47 3/8, up 5 1/4 cents,

Dec 23 MGEX Wheat  closed at $7.17 1/2, up 10 1/4 cents, currently up 3 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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