After missing out on the turnaround Wednesday bounce, wheat futures are firming up so far on Thursday. Chicago futures are working 3 to 6 ¾ cents higher so far. KC wheat is trading fractionally higher at midday. Spring wheat futures are fractionally mixed, with March and July in the black and May down by a ¼ cent.
Spring wheat stocks were shown at 16.853 million bushels on Jan 1 according to the MGEX. That is 6.2% below supplies during the same time last year.
Analysts are looking for the weekly wheat export sales to be between 150k MT and 450k MT for the week that ended 12/28.
Several states issued updated wheat crop condition ratings at the end of December. They were mixed, with improved conditions seen in KS, OK, TX and SD, while lower ratings were indicated for CO, MT and NE.
Mar 24 CBOT Wheat is at $6.08, up 7 3/4 cents,
May 24 CBOT Wheat is at $6.19 1/4, up 6 1/4 cents,
Mar 24 KCBT Wheat is at $6.21 3/4, up 1/4 cent,
Mar 24 MGEX Wheat is at $7.09 1/4, up 3/4 cent,
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