All three wheat contracts are higher at midday, but a bit off of the morning highs. Chicago futures are up 6 to 8 cents per bushel. Kansas City contracts are up 6 to 10 cents. MPLS spring wheat futures are leading the bull charge if we can call it that, up 11 to 15 cents.
Egypt’s big purchase of Russian wheat is supportive, even if the Russians appear to have abandoned their price floor in order to get the business. Egypt had recently pleaded with the Russians to allow more room for negotiation. Asian buyers are also stepping up purchases from several origins due to the recent plunge in global prices.
Trade ideas for US weekly wheat export sales are running 350,000 to 500,000 MT for the week ending July 11. USDA will release those numbers tomorrow morning.
Sep 24 CBOT Wheat is at $5.39 1/4, up 8 1/2 cents,
Dec 24 CBOT Wheat is at $5.63 3/4, up 8 1/4 cents,
Sep 24 KCBT Wheat is at $5.60 1/2, up 10 1/4 cents,
Dec 24 KCBT Wheat is at $5.77, up 10 cents,
Sep 24 MGEX Wheat is at $5.90 1/2, up 14 3/4 cents,
Dec 24 MGEX Wheat is at $6.10 1/4, up 13 cents,
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