Wheat Trying to Hold Gains on Thursday

The wheat complex got off to a higher early start, as bulls are now fighting to stay above water. Chicago contracts are showing steady to 1 cent higher trade so far on the day. Kansas City futures are up 3 to 6 cents at midday. MPLS spring wheat is up 4 to 6 cents.

All wheat export sales for the 23/24 MY were just 17,852 MT as there are just 2 weeks left in the MY. Sales for the 24/25 crop were on the low end of the estimates during the week of 5/16 at 224,860 MT. That was a 5-week low. The top buyer was Mexico of 129,300 MT, with 30,000 MT sold to Brazilian buyers.

Jul 24 CBOT Wheat  is at $6.94, up 1 cent,

Sep 24 CBOT Wheat  is at $7.13 3/4, up 1 cent,

Jul 24 KCBT Wheat  is at $7.05 1/4, up 5 3/4 cents,

Sep 24 KCBT Wheat  is at $7.19 1/4, up 5 1/2 cents,

Jul 24 MGEX Wheat  is at $7.41 1/4, up 4 3/4 cents,

Sep 24 MGEX Wheat  is at $7.52, up 5 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.