Wheat Pushing Higher Ahead of Export Sales Release
Wheat futures are up across the three markets on Thursday morning. The wheat markets posted Wednesday strength into the close across the three exchanges. Chicago SRW futures were up 5 to 6 cents across the nearbys. Preliminary open interest was down 4,387 contracts on Wednesday. Kansas City HRW was 3 to 5 cents higher on the Wednesday session. Preliminary open interest was down 6,766 contracts. MPLS spring wheat closed 1 to 3 cents in the green at the final bell.
Export sales data released will be released shortly and is expected to show a range of net reductions of 100,000 MT to net sales of 200,000 MT for old crop. New crop sales are estimated in a range of 0-300,000 MT.
SovEcon estimates the 2025 Russian wheat crop at 79.7 MMT, a 1.1 MMT increase from their previous number, with the winter wheat crop up 1.5 MMT to 52.2 MMT. Algeria purchased a total of at least 600,000-630,000 MT of wheat in a tender on Wednesday.
May 25 CBOT Wheat closed at $5.47 3/4, up 5 3/4 cents, currently up 4 cents
Jul 25 CBOT Wheat closed at $5.61, up 5 cents, currently up 3 1/4 cents
May 25 KCBT Wheat closed at $5.58, up 5 cents, currently up 6 1/4 cents
Jul 25 KCBT Wheat closed at $5.72 1/4, up 3 3/4 cents, currently up 5 3/4 cents
May 25 MGEX Wheat closed at $6.03 3/4, up 2 1/2 cents, currently up 3 1/2 cents
Jul 25 MGEX Wheat closed at $6.17, up 1 1/2 cents, currently up 4 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.