Wheat is trading with 3 to 6 cent gains across the three markets on Thursday morning. The wheat complex closed out the Wednesday session mixed across the three exchanges. Chicago SRW futures were fractionally to 1 ¼ cents higher in the front months. There were 20 deliveries issued against December CBT wheat overnight. KC HRW contracts were up fractionally, with December 3 cents higher at the close. MPLS spring wheat posted fractional losses across most contracts on the day.
Prior to Thursday morning’s Export Sales report, the trade is looking for 250,000 and 550,000 MT of wheat sales in the week of 11/28 according to a Reuters survey.
After easing of some drier conditions through November, dryness is creeping back into much of the US winter wheat growing regions over the next week, with some exception to SRW country.
Stats Canada data is expected to show the country’s wheat production totaling 35.04 MMT this year in tomorrow’s report. Last year’s total was 32.95 MMT. Spring wheat is expected to be 25.98 MMT of that.
Dec 24 CBOT Wheat closed at $5.38, up 1 1/4 cents, currently down 1/2 cents
Mar 25 CBOT Wheat closed at $5.48 1/4, up 3/4 cent, currently up 3 1/2 cents
Dec 24 KCBT Wheat closed at $5.27 3/4, up 3 cents, currently up 5 3/4 cents
Mar 25 KCBT Wheat closed at $5.42 1/2, up 3/4 cent, currently up 4 1/2 cents
Dec 24 MGEX Wheat closed at $5.68 1/2, down 1/2 cent, currently unch
Mar 25 MGEX Wheat closed at $5.89 1/2, down 1/2 cent, currently up 6 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. More news from Barchart- Do We Have to Wait Until Next Year for a Recovery in Wheat?
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