The wheat complex is experiencing gains across major exchanges on Wednesday, with Chicago SRW futures rising by 1 to 2 cents. KC HRW futures are up by 2 to 3 cents, and MPLS spring wheat shows gains of 1 to 2 cents at midday. As of May 26, CBOT Wheat is priced at $6.06, while KCBT and MIAX Wheat are at $6.45 1/2 and $6.66 1/2 respectively.
Looking ahead, the USDA’s Weekly Export Sales report, to be released on Thursday, is expected to show old crop wheat between 0 to 250,000 MT and new crop sales between 100,000 to 300,000 MT for the week of April 16. SovEcon estimates the Russian wheat crop at 89.7 MMT, increasing by 2.1 MMT due to favorable weather conditions.
Additionally, the EU Commission reports that soft wheat exports for the region stand at 19.01 MMT from July 1 to April 19, a rise of 1.39 MMT compared to the same period last year. The NOAA’s 7-day forecast indicates minimal precipitation in western Kansas through the Texas panhandle, while areas further east could see 1 to 2 inches.
