The wheat complex was in rally mode on Wednesday, posting strength across the three markets. Chicago SRW futures were 8 to 12 ¾ cents in the green to close the session. KC HRW futures saw Wednesday gains of 4 ¾ to 10 ¼ cents at the final bell. MPLS spring wheat closed the day with contracts fractionally to 2 ½ cents. Weakness in the dollar index this week has added some support to the market.
The forecast for the next week shows limited precip in much of the Southern Plains, with some moisture creeping in the eastern edges of the HRW country.
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Export Sales data released on Thursday morning will show wheat sales for the week ending on January 22. Traders are expecting between 275,000 and 600,000 MT in wheat bookings.
Mar 26 CBOT Wheat closed at $5.36, up 12 3/4 cents,
May 26 CBOT Wheat closed at $5.44 1/2, up 11 3/4 cents,
Mar 26 KCBT Wheat closed at $5.42 1/4, up 9 1/2 cents,
May 26 KCBT Wheat closed at $5.52 3/4, up 10 cents,
Mar 26 MIAX Wheat closed at $5.74, up 2 1/4 cents,
May 26 MIAX Wheat closed at $5.86 1/4, up 2 1/2 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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