The wheat complex is higher across all three exchanges on Wednesday. Midday action is seeing KC futures lead the rally, with gains of 11 to 16 cents in the front months. MPLS spring wheat contracts are following up with 4 to 7 cent gains. CBoT futures are steady to 2 ¼ cents higher in the nearby contracts.
With the weekly Export Sales report out on Thursday morning, the trade range of estimates calls for net cancellations of 100,000 MT to sales of 250,000 MT for old crop. New crop bookings are seen totaling 100,000-300,000 MT.
Monthly WASDE data will get an update on Thursday, with the trade expecting an ending stocks increase after the larger than expected March 31 stocks totals. The average trade estimate is 690 mbu, which would be a 17 mbu hike from the March balance sheet update. The range is from 670 mbu to 723 mbu. For the world number, traders are estimating a 0.4 MMT increase to 259.2 MMT.
May 24 CBOT Wheat is at $5.59 3/4, up 2 cents,
Jul 24 CBOT Wheat is at $5.74 1/4, up 2 1/4 cents,
May 24 KCBT Wheat is at $5.93 1/4, up 16 cents,
Jul 24 KCBT Wheat is at $5.86 1/2, up 12 1/4 cents,
Jul 24 MGEX Wheat is at $6.62 1/2, up 4 3/4 cents,
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