Wheat Prices Are Back Up into Thursday

Wheat futures are trading back up by as much as a nickel ahead of the weekly Export Sales report. Chicago futures ended the day off the session lows by as much as a dime, but prices were still 5 ½ to 7 cents in the red. KC wheat futures firmed off the lows by over a dime as well, but also settled 1 ¼ to 2 ¼ cents weaker for the day. MGE wheat was fractionally lower to 2 cents in the red at the close. 

Traders are looking for USDA to show old crop wheat export sales between 200k MT of cancelations and 500k MT of net new sales for the week that ended 3/14. New crop sales are estimated to be below 140k MT. 

Japan’s Ministry of Agriculture is seeking 119,000 MT of food-quality wheat from the US, Canada, or Australia in a routine weekly tender. 

Egypt’s GASC booked 110k MT of wheat via their tender, sourced from Bulgaria and Romania. 

May 24 CBOT Wheat  closed at $5.45, down 7 1/2 cents, currently up 4 3/4 cents

Jul 24 CBOT Wheat  closed at $5.60 1/4, down 7 cents, currently up 4 1/4 cents

May 24 KCBT Wheat  closed at $5.80 1/2, down 2 1/4 cents, currently up 1 1/2 cents

Jul 24 KCBT Wheat  closed at $5.73 3/4, down 1 3/4 cents, currently up 1 3/4 cents

May 24 MGEX Wheat  closed at $6.55, down 3/4 cent, currently up 3 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.