Wheat Holding Higher at Midday

The wheat complex continued strength on Thursday, with contracts higher across the three exchanges. Chicago SRW futures close with contracts 5 to 6 cents in the green. KC HRW futures were up 4 to 5 cents in the front months. Thursday. MPLS spring wheat was 7 to 9 cents higher at the close.

Export Sales data released this morning showed wheat sales for the week ending on January 22 at 558,201 MT. That was back down from last week but 22.39% above the same week last year. The largest buyer was Japan at 141,300 MT, with 96,800 MT sold to Mexico and 90,500 TM to Nigeria. 
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Monthly Census trade data totaled 1.616 MMT (59.4 mbu) during November, a 5-year high for the month. 

The European Commission estimates EU wheat production at 134.2 MMT, down 0.2 MMT from last month. Ending stocks are up 1.3 MMT, with exports 1.5 MMT lower to 29.5 MMT. 

Mar 26 CBOT Wheat  closed at $5.41 1/2, up 5 1/2 cents,

May 26 CBOT Wheat  closed at $5.50 1/4, up 5 3/4 cents,

Mar 26 KCBT Wheat  closed at $5.47, up 4 3/4 cents,

May 26 KCBT Wheat  closed at $5.57 3/4, up 5 cents,

Mar 26 MIAX Wheat  closed at $5.82 1/2, up 7 1/2 cents,

May 26 MIAX Wheat  closed at $5.95 1/2, up 8 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.

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