Wheat Popping Off Contract Lows to Start Thursday
Wheat is showing stronger trade to kick off the Thursday session, as the winter wheats are up 7 to 9 cents. The wheat complex saw mixed action across the three exchanges on Wednesday, with spring wheat the weakest. Strength was led by the KC market, up 6 to 7 cents. Short covering was noted, with preliminary open interest dropping 3,474 contracts. CBT futures were fractionally higher across most contracts on Wednesday. Preliminary OI was up 13,199 contracts. MPLS spring wheat was showing steady to 1 ½ cents lower.
Analysts are expecting to see between 350,000 and 600,000 MT of wheat sold in the week ending on July 31 in Thursday’s Export Sales report.
Another South Korean importer purchased 65,000 MT of wheat in a tender overnight, with the expected origin to be the US.
Sep 25 CBOT Wheat closed at $5.08 1/2, up 1/4 cent, currently up 8 ½ cents
Dec 25 CBOT Wheat closed at $5.29 1/4, up 3/4 cent, currently up 8 cents
Sep 25 KCBT Wheat closed at $5.11 1/2, up 7 cents, currently up 8 ¾ ents
Dec 25 KCBT Wheat closed at $5.32, up 6 3/4 cents, currently up 8 ½ cents
Sep 25 MGEX Wheat closed at $5.69 3/4, down 1 1/2 cents, currently up 3 cents
Dec 25 MGEX Wheat closed at $5.92 1/4, down 1/4 cent, currently up 3 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.