The wheat complex posted losses across the three markets on Wednesday. Chicago SRW futures were down 6 ¾ to 11 ¼ cents across the board on the midweek session. KC HRW futures pulled off the early lows with contracts closing 1 to 3 cents on the day. MPLS spring wheat saw losses of 3 to 5 ¼ cents on Wednesday.
Crude oil was down $6.06 on the day following the US and Iran closing in on reaching a memorandum of understanding that would, among other things, allow for the safe passage through the Strait of Hormuz as well as a path to ending to conflict.
USDA’s Export Sales report will be released on Thursday morning, with traders looking for old crop wheat sales to total 100,000 to 300,000 MT in the week of 4/30. New crop sales are expected to be in a range of 0-250,000 MT.
Algeria purchased an estimated 390,000 to 420,000 MT of wheat in a tender on Wednesday.
Stats Canada data showed wheat stocks at the end of March at 19.47 MMT, 12% higher than the same period last year. Excluding durum stocks were up 10.7% from a year ago at 16.056 MMT.
May 26 CBOT Wheat closed at $6.06, down 10 1/2 cents,
Jul 26 CBOT Wheat closed at $6.17 1/4, down 10 1/2 cents,
May 26 KCBT Wheat closed at $6.75 3/4, down 1 1/2 cents,
Jul 26 KCBT Wheat closed at $6.87, down 3 cents,
May 26 MIAX Wheat closed at $6.84 3/4, unch,
Jul 26 MIAX Wheat closed at $6.92, down 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.
