Wheat is trading with Thursday morning losses across the three markets. 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. Open interest suggested some longs coming out, down 1,055 contracts. KC HRW futures pulled off the early lows with contracts closing 1 to 3 cents on the day. Open interest suggested modest new selling interest, up 2,771 contracts. There were 5 delivery notices against May CBT wheat overnight, with 35 for May KC wheat. MPLS spring wheat saw losses of 3 to 5 ¼ cents on Wednesday. Crude oil was the pressure factor, falling $6.06 on the day on easing US/Iran tensions.
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, currently down 8 3/4 cents
Jul 26 CBOT Wheat closed at $6.17 1/4, down 10 1/2 cents, currently down 4 1/2 cents
May 26 KCBT Wheat closed at $6.75 3/4, down 1 1/2 cents, currently unch
Jul 26 KCBT Wheat closed at $6.87, down 3 cents, currently down 10 cents
May 26 MIAX Wheat closed at $6.84 3/4, unch, currently unch
Jul 26 MIAX Wheat closed at $6.92, down 4 cents, currently down 5 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.
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