Wheat Taking Back Tuesday Weakness with Wednesday Strength
The wheat complex is rallying across the three exchanges at midday. Chicago SRW contracts is up 14 to 15 cents across most contracts. KC HRW futures are 16 to 17 cents in the front months on the session. MPLS spring wheat is 17 to 18 cents higher so far at midday.
Disruptions in the Black Sea is continuing to add support to the wheat market. The recent rise in strikes over the last few months on port infrastructure and vessels comes at a time when Black Sea exports typically pick up following harvest.
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The weekly USDA Export Sales report will be released on Thursday morning, with traders looking for a range of 200,000 to 450,000 MT of wheat sales in the week ending on August 13.
Sep 26 CBOT Wheat is at $6.79, up 14 1/2 cents,
Dec 26 CBOT Wheat is at $6.96, up 14 3/4 cents,
Sep 26 KCBT Wheat is at $7.60, up 16 1/4 cents,
Dec 26 KCBT Wheat is at $7.74 3/4, up 16 1/4 cents,
Sep 26 MIAX Wheat is at $6.94, up 17 3/4 cents,
Dec 26 MIAX Wheat is at $7.20 3/4, up 17 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.
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