Wheat is trading with gains across the three markets so far on Thursday morning. The complex continued to extend higher on Wednesday as the Black Sea tensions heightened, with all three markets closing higher. Chicago SRW futures were up 2 3/4 to 5 cents across the board at the close. Preliminary open interest was down 10,893 contracts, indicating short covering, with 8,966 of that in the Dec. KC HRW contracts saw gains of 2 to 3 1/2 cents to close out the session. MPLS spring wheat ended the session with contracts steady to 5 ¼ cents higher.
Ukraine sent more western made missiles inside of Russian borders on Wednesday, this time British made missiles. While the escalation has yet to show much interruption in the grain trade, the rising tensions have provided a short covering opportunity.
Following recent rains, the next week looks drier for much of the Southern Plains according to NOAA’s 7-day QPF.
Export Sales data released on Thursday morning is expected to show all wheat sales totaling between 275,000 and 600,000 MT in the week that ended on November 14.
Overnight, Taiwan purchased 80,000 MT of US wheat. Algeria purchases an unknown total of durum wheat in their tender on Wednesday.
Dec 24 CBOT Wheat closed at $5.52 1/2, up 2 3/4 cents, currently up 2 cents
Mar 25 CBOT Wheat closed at $5.72 1/4, up 4 1/2 cents, currently up 2 cents
Dec 24 KCBT Wheat closed at $5.61 3/4, up 3 1/2 cents, currently up 1 cent
Mar 25 KCBT Wheat closed at $5.72 3/4, up 3 1/4 cents, currently up 1 cent
Dec 24 MGEX Wheat closed at $5.90 1/2, up 3 3/4 cents, currently up 2 1/4 cents
Mar 25 MGEX Wheat closed at $6.06 1/4, up 1 cent, currently up 2 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. More news from Barchart- Do We Have to Wait Until Next Year for a Recovery in Wheat?
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