Wheat Closed Mixed on Wednesday
KC wheat futures ended the day mixed within 1 ¾ cents of UNCH. The soft red winter wheat futures were 2 ½ to 4 cents higher and hard red spring wheat was 3 ¾ cents higher on the day. May SRW is sitting with a 7 ¼ cent loss for the week’s move into Thursday. The new crop SRW/HRW spread tightened to 7 ¼ cents.
NOAA’s updated 7-day QPF has moisture in the forecast for the ECB from West Virginia through S.Central IA. Accumulations in Northern IN top out near 2 1/2” with at least ¾” expected for most ECB fields.
Ahead of the weekly Export Sales report, traders are looking for USDA to report old crop wheat business between 100k MT of cancelations to 300k MT of new sales. New crop bookings are estimated to be between50k MT and 250k MT for the week that ended 3/21.
Interfax estimates Kazakhstan’s grain output between 13 and 14 MMT for 24/25, vs 16.4 MMT last year. Wheat area is estimated to be 3% below last year with 13.3m HA.
May 24 CBOT Wheat closed at $5.47 1/2, up 4 cents,
Jul 24 CBOT Wheat closed at $5.62 3/4, up 3 1/2 cents,
May 24 KCBT Wheat closed at $5.78 1/4, up 1 cent,
Jul 24 KCBT Wheat closed at $5.74, unch,
May 24 MGEX Wheat closed at $6.51, up 3 3/4 cents,
On the date of publication, Alan Brugler 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.