Wheat Feeling Month End Pressure on Thursday Morning
Wheat is showing early Thursday morning losses, as bulls take profits into the last trade day of April. The wheat complex fell off the early session highs on Wednesday, as month end profit taking got off to a day early start. Chicago SRW futures were down fractionally to 6 ¾ cents, with deferreds up ¼ to 3 ¼ cents. Open interest was up 3,077 contracts. There were 400 deliveries against May CBT wheat overnight. KC HRW futures were up fractionally to 2 ½ cents, with exception to May, down 6 ½ cents ahead of first notice day. There were 578 deliveries against May KC wheat on FND, all by the Bunge house account. MPLS spring wheat was up 2 ¼ to 4 ½ cents across the board on Wednesday.
Export Sales data will be out this morning, with traders looking for old crop business at 0-300,000 MT in the week of 4/23. New crop sales at seen in a range of 0-200,000 MT.
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USDA’s Ag attaché estimates the Australian 2026/27 wheat crop at 29 MMT, down 6 MMT from last year if realized. The attaché office in Canada estimates the country’s crop at 36.16, down 3.8 MMT from last year.
May 26 CBOT Wheat closed at $6.42 1/4, down 6 3/4 cents, currently down 8 1/2 cents
Jul 26 CBOT Wheat closed at $6.53, down 4 3/4 cents, currently down 10 cents
May 26 KCBT Wheat closed at $6.90 1/4, down 6 1/2 cents, currently down 7 1/4 cents
Jul 26 KCBT Wheat closed at $7.04 3/4, up 2 1/2 cents, currently down 12 3/4 cents
May 26 MIAX Wheat closed at $7.02 3/4, up 4 1/4 cents, currently up 4 3/4 cents
Jul 26 MIAX Wheat closed at $7.16 1/2, up 2 1/4 cents, currently down 4 1/2 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.
