Chicago wheat futures traded mostly higher overnight, getting to +6 ½ cents. The morning wheat market has KC and MGE off their highs but still in the black, with SRW futures fractionally weaker going into the weekly USDA Export Sales numbers. The wheat market rallied back on Wednesday with double digit gains of as much as 3%. KC wheat, which had been pushed down the hardest to start the week, was up by 13 ½ to 17 ¼ cents. CBT SRW futures were 9 ¾ to 10 ¾ cents higher at the close. Spring wheat futures in Minneapolis were 10 ¼ to 12 cents higher on the day.
Traders are anticipating that US wheat export sales are starting to shift to the new crop delivery window, i.e. after June 1. Ideas for old crop sales are running -100,000 MT to positive 400,000. New crop estimates are 75,000 to 250,000 MT. Soymeal sales are expected to be in a range of 75,000 to 450,000 MT for that week. Bean oil is estimated at a net reduction of 5,000 MT to net sales of 20,000 MT for combined 23/24 and 24/25 sales.
Japan is set to buy 113.5k MT of wheat in a regular MOA tender from U.S., Canada, and Australia. Jordan is tendering again for 120,000 MT of milling wheat, with offers due by April 16. They passed on a recent tender and are apparently hoping for lower prices this time. Some Russian shipments have been delayed by infighting over phytosanitary certificates, firming the export market just a touch.
May 24 CBOT Wheat closed at $5.56, up 10 3/4 cents, currently down 1/4 cent
Jul 24 CBOT Wheat closed at $5.72 1/4, up 10 1/2 cents, currently down 3/4 cent
May 24 KCBT Wheat closed at $5.80 1/2, up 17 1/4 cents, currently up 3 cents
Jul 24 KCBT Wheat closed at $5.72, up 14 1/2 cents, currently up 2 1/2 cents
May 24 MGEX Wheat closed at $6.39 1/2, up 12 cents, currently up 4 3/4 cents
On the date of publication, Alan Brugler 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 Disclosure Policy here.
Disclaimer: The copyright of this article belongs to the original author. Reposting this article is solely for the purpose of information dissemination and does not constitute any investment advice. If there is any infringement, please contact us immediately. We will make corrections or deletions as necessary. Thank you.
