On Wednesday, the wheat complex experienced losses across all markets. Chicago SRW futures fell between 6.75 to 11.25 cents, while KC HRW futures closed down by 1 to 3 cents. MPLS spring wheat saw a reduction of 3 to 5.25 cents. In crude oil markets, prices dropped by $6.06 amid ongoing negotiations between the US and Iran, potentially facilitating safe passage through the Strait of Hormuz.
The USDA’s Export Sales report scheduled for Thursday is expected to show old crop wheat sales between 100,000 to 300,000 metric tons and new crop sales ranging from 0 to 250,000 metric tons. Additionally, Algeria has reportedly purchased around 390,000 to 420,000 metric tons of wheat, while Stats Canada data indicates wheat stocks at the end of March reached 19.47 million metric tons, up 12% year-over-year.
Recent closing prices for wheat futures include: May 26 CBOT Wheat at $6.06 (down 10.5 cents), July 26 CBOT Wheat at $6.17 and a quarter (down 10.5 cents), and May 26 KCBT Wheat at $6.75 and three-quarter (down 1.5 cents).
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