The wheat complex is rallying on Thursday across the three markets. Chicago SRW futures were up 5 to 8 cents in the front months. KC HRW futures are in rally mode, up 18 cents in the nearbys. MPLS spring wheat are 5 to 7 cents higher on the day.
Weekly Export Sales from this morning showed, with old crop business seen at 129,022 MT for the week of April 16, which was in the range of 0 to 250,000 MT. That was up from the previous week. New crop sales were just 8,000 MT, falling shy of the trade estimated range of 100,000 to 300,000 MT.
The 7-day forecast is calling for limited to no precip for western portions of KS through the TX and OK panhandles
Taiwan flour mills purchased a total of 105,950 MT of wheat from the US in a tender overnight. Saudi Arabia also issued a tender to buy 710,000 MT of wheat, with a deadline set for Friday.
The world wheat production estimate from International Grains Council was trimmed by 1 MMT, with projected use falling 4 MMT. World ending stocks were raised by 8 MMT to 284 MMT.
May 26 CBOT Wheat is at $6.05, up 5 3/4 cents,
Jul 26 CBOT Wheat is at $6.14 1/4, up 7 1/4 cents,
May 26 KCBT Wheat is at $6.55 3/4, up 18 cents,
Jul 26 KCBT Wheat is at $6.68, up 18 cents,
May 26 MIAX Wheat is at $6.70 1/2, up 5 1/4 cents,
Jul 26 MIAX Wheat is at $6.87 1/2, up 6 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.
