Wheat Extending Bull Run

The wheat complex is continuing to lead the grains bull charge this week. Kansas City futures were up 10 ¾ to 16 ¾ cents on the session. Chicago contracts were up 9 ½ to 12 cents at the close. Spring wheat futures were 9 ¼ to 13 ¼ cents higher on the MPLS exchange.

Portions of the HRW wheat country from western Kansas down to the Texas panhandle are expected to miss out on the widespread rain event over the next week, with minimal amounts expected. The 6-10 day forecast also calls for above normal temperatures as we get into May.

Thursday morning’s weekly Export Sales report is expected to show anywhere from net reductions of 100,000 MT to net sales of 100,000 MT for old crop. New crop sales in the week of 4/18 are seen at 100,000 to 400,000 MT.

May 24 CBOT Wheat  closed at $5.94 1/2, up 9 1/2 cents,

Jul 24 CBOT Wheat  closed at $6.13, up 10 1/4 cents,

May 24 KCBT Wheat  closed at $6.24 1/4, up 15 1/2 cents,

Jul 24 KCBT Wheat  closed at $6.30, up 15 3/4 cents,

Jul 24 MGEX Wheat  closed at $6.85 1/2, up 13 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.

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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