Wheat prices are higher as we trade through the Thursday morning session. All three wheat exchanges were higher on Wednesday. Chicago futures were up 4 to 8 ½ cents per bushel. Kansas City contracts were 6 to 10 ¾ cents higher at the close. MPLS spring wheat futures were leading the bull charge, if we can call it that, up 6 3/4 to 16 cents.
Trade ideas for US weekly wheat export sales are running 225,000 to 600,000 MT for the week ending July 11. USDA will release those numbers this morning.
After Egypt’s big purchase of 770,000 MT on Tuesday, Algeria bought at least 600,000 MT of wheat in their tender on Wednesday. South Korean importers also purchased 40,000 MT of US wheat on Wednesday. Front month CBT SRW futures were the cheapest since March on Tuesday, attracting the buying interest.
Sep 24 CBOT Wheat closed at $5.39 1/4, up 8 1/2 cents, currently up 1 cent
Dec 24 CBOT Wheat closed at $5.63 1/2, up 8 cents, currently up 1 ¼ cents
Sep 24 KCBT Wheat closed at $5.61, up 10 3/4 cents, currently up 3 cents
Dec 24 KCBT Wheat closed at $5.77 1/2, up 10 1/2 cents, currently up 3 cents
Sep 24 MGEX Wheat closed at $5.91 3/4, up 16 cents, currently up 7 cents
Dec 24 MGEX Wheat closed at $6.11 1/2, up 14 1/4 cents, currently up 7 ½ cents
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