Wheat is extending the rally to Thursday, with gains across the board. The wheat complex posted marginal gains on Wednesday with contracts higher across the three exchanges. Chicago SRW futures were fractionally to 3 cents higher. Open interest rose 3,976 contracts. KC HRW futures saw 2 ¼ to 3 ¼ cent gains. MPLS spring wheat was 1 to 2 ¼ cents higher.
Export Sales data will be released on Thursday morning, as traders are looking for old crop wheat sales in a range of 75,000 to 250,000 MT during the week ending on April 9. New crop business is estimated to total 75,000 MT to 250,000 MT.
French soft wheat exports outside the EU are estimated at 7.1 MMT according to the FranceAgriMer, with shipments within the EU expected to total 7.7 MMT, a 0.13 MMT increase from the week prior. French ending stocks are estimated at 3.31 MMT, a 0.8 MMT drop from the previous number.
Taiwan mill importers issued a tender to buy 105,950 MT of wheat from the US, due next Thursday. Algeria purchased an estimated 400,000 MT of durum wheat in a tender on Wednesday.
May 26 CBOT Wheat closed at $5.93 3/4, up 1 3/4 cents, currently up 5 3/4 cents
Jul 26 CBOT Wheat closed at $6.01 3/4, up 1/2 cent, currently up 4 3/4 cents
May 26 KCBT Wheat closed at $6.25 1/2, up 2 3/4 cents, currently up 14 cents
Jul 26 KCBT Wheat closed at $6.38 1/2, up 2 1/4 cents, currently up 13 cents
May 26 MIAX Wheat closed at $6.40 1/2, up 1 1/2 cents, currently up 10 1/4 cents
Jul 26 MIAX Wheat closed at $6.54 1/4, up 2 1/4 cents, currently up 13 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.
