Wheat is facing 1 to 5 cent losses in the front months early on Thursday. The wheat complex is showing strength on Wednesday. Chicago SRW futures were 6 ¼ to 7 ¾ cents higher at the close. Open interest showed some new buying, up 6,588 contracts on Wednesday. KC HRW futures posted 10 ¼ to 13 ¾ cent gains in the front months on the midweek session. MPLS spring wheat saw gains of 4 ¼ to 9 ½ cents on the day.
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.
Weekly Export Sales data will be out on Thursday, with traders looking for sales of 100,000 to 500,000 MT in the week ending on 3/19. New crop sales are seen at 0 to 200,000 MT.
May 26 CBOT Wheat closed at $5.97 3/4, up 7 3/4 cents, currently down 4 1/2 cents
Jul 26 CBOT Wheat closed at $6.08 3/4, up 6 3/4 cents, currently down 4 1/4 cents
May 26 KCBT Wheat closed at $6.17 3/4, up 13 3/4 cents, currently down 1 cent
Jul 26 KCBT Wheat closed at $6.33, up 13 1/4 cents, currently down 1 cent
May 26 MIAX Wheat closed at $6.41 3/4, up 9 1/2 cents, currently down 2 1/2 cents
Jul 26 MIAX Wheat closed at $6.54 1/4, up 9 cents, currently down 1 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.
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