Wheat Futures Show Mixed Performance as Rain Approaches Southern Plains

The wheat complex closed stronger on Wednesday, with Chicago SRW and spring wheat contracts gaining ground while Kansas City HRW contracts recorded slight losses. Chicago SRW futures increased by 5 to 8 cents, whereas Kansas City HRW futures dropped by 1 to 2 cents. In contrast, MPLS spring wheat closed up by 4 to 9 cents.

Weather Outlook

Precipitation is anticipated to move across parts of the Southern Plains over the next few days. NOAA forecasts another set of showers for the Texas Panhandle and into western Kansas early next week.

Upcoming Export Sales Data

Export sales data is scheduled for release on Thursday morning. Currently, US bids remain competitive in the global market. Traders expect old crop business to fall between 200,000 MT in net reductions to 300,000 MT in sales as the marketing year nears its end. New crop sales are projected to total between 100,000 and 400,000 MT.

Wheat Futures Closing Prices

May 25 CBOT Wheat closed at $5.13, up 7 1/4 cents.

Jul 25 CBOT Wheat closed at $5.30 3/4, up 5 1/4 cents.

May 25 KCBT Wheat closed at $5.14 1/4, down 1 cent.

Jul 25 KCBT Wheat closed at $5.29 1/2, down 1 1/2 cents.

May 25 MGEX Wheat closed at $6.14, up 9 cents.

Jul 25 MGEX Wheat closed at $5.97, up 4 1/4 cents.

On the date of publication, Austin Schroeder did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article are solely for informational purposes. For more information, please view the Barchart Disclosure Policy
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The views and opinions expressed herein are the author’s and do not necessarily reflect those of Nasdaq, Inc.