The wheat complex posted early strength on Wednesday, but quickly faded off for losses at the close. Chicago contracts hit a 10-month high in the front month continuation chart overnight, but posted losses of 4 ½ to 7 ¾ cents. Kansas City futures were down 2 to 4 ½ cents on the day. MPLS spring wheat saw contracts close with 2 to 4 ¼ cent lower trade.
All wheat export sales for the 23/24 MY are expected to be between net reductions of 100,000 MT to net sales of 100,000 MT in the week of 5/16 as we get set to round out the MY. Sales for the 24/25 crop are seen ranging from 200,000-650,000 MT.
The 7-day outlook from NOAA shows much of the Southern Plains expected to remain dry for the next week, with a good part of the SRW country receiving 1-3 inches.
Jul 24 CBOT Wheat closed at $6.93, down 4 1/2 cents,
Sep 24 CBOT Wheat closed at $7.12 3/4, down 4 3/4 cents,
Jul 24 KCBT Wheat closed at $6.99 1/2, down 2 cents,
Sep 24 KCBT Wheat closed at $7.13 3/4, down 2 1/2 cents,
Jul 24 MGEX Wheat closed at $7.36 1/2, down 2 1/4 cents,
Sep 24 MGEX Wheat closed at $7.46 1/4, down 2 cents,
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