Wheat Easing Back to Start Wednesday Trade

Wheat is showing losses in the winter wheat contracts, with spring wheat posting steady to higher trade to start the midweek session. The wheat complex posted strength across the three exchanges on Tuesday. Chicago SRW futures were 7 1/2 to 10 cents higher on the day. Open interest rose 2,101 contracts on Tuesday. KC HRW futures led the way with gains of 18 1/2 to 20 1/4 cents on the day. OI was up 7,393 contracts, suggesting net new buying. MPLS spring wheat was up 11 to 113 1/2 cents on the day. 

The next 7 days are expected to remain dry from the western part of KS, to the panhandle of TX according to the NOAA 7-day QPF. SRW area is still expected to see 1 to 3 inches. 
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French soft wheat exports outside the EU are estimated at 7.1 MMT according to the FranceAgriMer, with shipments within the EU expected to total 7.7 MMT, a 0.13 MMT increase from the week prior. French ending stocks are estimated at 3.31 MMT, a 0.8 MMT drop from the previous number.

May 26 CBOT Wheat  closed at $5.92, up 9 3/4 cents,

Jul 26 CBOT Wheat  closed at $6.01 1/4, up 10 cents,

May 26 KCBT Wheat  closed at $6.22 3/4, up 19 1/2 cents,

Jul 26 KCBT Wheat  closed at $6.36 1/4, up 19 3/4 cents,

May 26 MIAX Wheat  closed at $6.38, up 13 1/2 cents,

Jul 26 MIAX Wheat  closed at $6.52, up 12 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.

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