The wheat complex is showing modest gains early on Thursday morning. Wheat bulls were pushing things higher on Wednesday, with gains across all three markets. Chicago SRW wheat posted 15 to 19 cent gains on Wednesday. There was 1 contract issued against CBT wheat overnight. Preliminary open interest was down 2,446 contracts on Wednesday. There were no deliveries issued against CBT wheat overnight. KC HRW contracts were 11 to 12 cents in the green at the final bell. Wednesday’s preliminary OI was up 2,654 contracts. There were 32 deliveries against KC wheat. MPLS spring wheat closed out the day with contracts up 20 to 22 cents.
Today will be the last trade day of the week due to Independence Day on Friday. The government will also be closed.
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USDA will release their weekly Export Sales report on Thursday, with traders surveyed by Reuters looking for between 200,000 and 600,000 MT of wheat sold in the week of June 26.
On Wednesday, President Trump announced a trade deal with Vietnam, stating the country is charging no tariffs on US goods. Nearly 3% of all US wheat export commitments for 2024/25 were for Vietnam.
Jul 25 CBOT Wheat closed at $5.56, up 18 3/4 cents, currently up 2 cents
Sep 25 CBOT Wheat closed at $5.64, up 15 cents, currently up 2 1/4 cents
Jul 25 KCBT Wheat closed at $5.22 3/4, up 12 cents, currently unch
Sep 25 KCBT Wheat closed at $5.42 1/4, up 11 cents, currently up 4 1/2 cents
Jul 25 MGEX Wheat closed at $6.31 3/4, up 21 1/2 cent, currently unch
Sep 25 MGEX Wheat closed at $6.49, up 20 1/2 cent, currently up 1 cent
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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