Wheat Sees Some Bargain Buying at Month End
The wheat complex bounced back to close out the Wednesday session with the SRW and spring wheat contracts posting strength and HRW weaker. Chicago SRW futures were up 5 to 8 cents. Kansas City HRW contracts saw slight losses of 1 to 2 cents on Wednesday. MPLS spring wheat was up 4 to 9 cents at the close.
Precipitation is expected to make its way across parts of the Southern Plains over the next couple days. Another round of showers are forecast for the TX panhandle to western KS into early next week according to NOAA.
Export Sales data will be released on Thursday morning, with US bids still somewhat competitive on the world market. Traders are looking for old crop business to be in a range of 200,000 MT in net reductions to 300,000 MT in sales as we enter the last month of the marketing year. New crop is expected to total 100,000 to 400,000 MT.
May 25 CBOT Wheat closed at $5.13, up 7 1/4 cents,
Jul 25 CBOT Wheat closed at $5.30 3/4, up 5 1/4 cents,
May 25 KCBT Wheat closed at $5.14 1/4, down 1 cent,
Jul 25 KCBT Wheat closed at $5.29 1/2, down 1 1/2 cents,
May 25 MGEX Wheat closed at $6.14, up 9 cents,
Jul 25 MGEX Wheat closed at $5.97, up 4 1/4 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.