Wheat is showing gains across the three markets early on Thursday. The wheat complex popped from mixed midday action to close with Wednesday gains across the three exchanges. Chicago SRW futures turned green into the close, with gains of 1 to 3 cents. Kansas City HRW contracts were up 5 to 7 cents on the session. MPLS spring wheat posted 7 to 8 cent gains in the front months.
USDA will release Export Sales data this morning, with the trade looking for between net reductions of 100,000 MT to net sales of 400,000 MT for old crop. New crop sales are estimated to be between 0-200,000 MT.
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US wheat ending stocks estimates will be updated on Thursday, as the trade is looking for 825 mbu. That would be up 6 mbu from last month if realized. World ending stocks are expected to be up 0.31 MMT to 260.39 MMT according to a Reuters survey of analysts.
The EU commission raised their EU wheat production estimate by 0.6 MMT to 128.1 MMT.
May 25 CBOT Wheat closed at $5.42 1/4, up 2 1/4 cents, currently up 4 3/4 cents
Jul 25 CBOT Wheat closed at $5.55 3/4, up 1 3/4 cents, currently up 5 1/2 cents
May 25 KCBT Wheat closed at $5.68, up 6 1/2 cents, currently up 6 cents
Jul 25 KCBT Wheat closed at $5.80 1/4, up 5 1/4 cents, currently up 6 cents
May 25 MGEX Wheat closed at $6.08 3/4, up 7 3/4 cents, currently up 3 1/4 cents
Jul 25 MGEX Wheat closed at $6.21 1/2, up 7 cents, currently up 1/4 cent
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