The wheat complex was higher across the three markets on Tuesday. Chicago SRW futures were up 2 to 3 cents to close out the day. KC HRW futures were fractionally to 2 ¾ cents higher on the session. MPLS spring wheat was 3 ¼ to 4 ¼ cents higher. Crude oil finished the day with late pressure to close up just 26 cents, as reports surfaced of a potential 1 month ceasefire on the Middle East conflict.
The next week looks on the drier side for much of the Plains and HRW country, which is not beneficial to the crop with ratings already spilling. A few spots in SRW country are looking at a wetter pattern in parts of the Eastern Corn Belt.
European Commission data showed 17.14 MMT in wheat exports from July 1 to March 22, up from the 16.13 MMT in the same period last year. SovEcon estimates the Russian wheat exports at 46.5 MMT for the current marketing year, up 1.1 MMT from the previous number. Algeria has issued a tender for wheat, with offers due on Thursday.
May 26 CBOT Wheat closed at $5.90, up 2 1/4 cents,
Jul 26 CBOT Wheat closed at $6.02, up 2 cents,
May 26 KCBT Wheat closed at $6.04, up 3/4 cent,
Jul 26 KCBT Wheat closed at $6.19 3/4, up 1 1/2 cents,
May 26 MIAX Wheat closed at $6.31 1/4, up 4 1/4 cents,
Jul 26 MIAX Wheat closed at $6.45 1/4, up 3 3/4 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.
