Wheat is trading with contracts showing some strength at midday. Chicago SRW futures are 7 to 9 cents higher as the market trades through the midweek session. Kansas City HRW contracts are up 4 to 5 cents so far on Wednesday. Minneapolis spring wheat futures are trading with 5 to 6 cent gains at midday.
USDA’s Export Sales report will be released on Thursday morning, with analysts’ estimates calling for 200,000 MT in net reduction to 100,00 MT in sales of the week ending on May 29 and new crop at 300,000 to 800,000 MT.
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The state grain buyers for Egypt is looking to divert their origination of wheat shipments from Ukraine and Russia due to the increasing war tensions. While this doesn’t take available wheat supplies off the world market, it does signal a shift in how the world’s largest wheat importer is looking for wheat.
Heavier rain totals are expected for much of the Southern Plains and over to parts of ECB. While it may benefit some late crop improvement, it will also put a slowdown on any early harvest progress working its way north.
Jul 25 CBOT Wheat is at $5.44 1/4, up 8 1/4 cents,
Sep 25 CBOT Wheat is at $5.58, up 7 1/2 cents,
Jul 25 KCBT Wheat is at $5.41 1/2, up 4 3/4 cents,
Sep 25 KCBT Wheat is at $5.55, up 4 1/2 cents,
Jul 25 MGEX Wheat is at $6.24, up 6 cents,
Sep 25 MGEX Wheat is at $6.37, up 5 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. For more information please view the Barchart Disclosure Policy here.
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