Market Rally:
The wheat market is on a winning streak today, painting green across all three exchanges as the clock strikes midday. Leading the charge is KC futures, showing impressive gains of 11 to 16 cents in the front months. Trailing closely behind, MPLS spring wheat contracts are also enjoying the ride with 4 to 7 cent increases. Meanwhile, CBoT futures are holding steady or climbing by 2 ¼ cents in the nearby contracts.
Market Predictions:
Tomorrow’s weekly Export Sales report is set to unveil its secrets, leaving traders in anticipation. Speculations regarding net cancellations or sales range from 100,000 MT to 250,000 MT for old crop, with new crop bookings expected to total between 100,000 to 300,000 MT.
Upcoming Data Updates:
Adding to the market fervor, the Monthly WASDE data slated for Thursday is highly awaited by the trading community. Forecasts suggest an increase in ending stocks following the unexpected March 31 stocks report. The average trade estimate points to a 17 mbu hike to 690 mbu from the March balance sheet update, with a range reaching from 670 mbu to 723 mbu. Globally, traders are predicting a 0.4 MMT increase to 259.2 MMT.
May 24 CBOT Wheat is currently priced at $5.59 3/4, showing a rise of 2 cents. On the other hand, Jul 24 CBOT Wheat is trading at $5.74 1/4, enjoying a 2 1/4 cent climb. May 24 KCBT Wheat has reached $5.93 1/4, boasting a 16 cent gain; meanwhile, Jul 24 KCBT Wheat stands at $5.86 1/2, with a healthy 12 1/4 cent increase.
Finally, Jul 24 MGEX Wheat has touched $6.62 1/2, showing a solid 4 3/4 cent rise in value.
Disclaimer: Alan Brugler, on this publication date, did not hold any positions (either directly or indirectly) in any of the securities discussed in this article. All information and data provided here is solely for informational purposes. For more details, please refer to the Barchart Disclosure Policy.
Please note that the opinions and viewpoints expressed in this article are those of the author and do not necessarily align with those of Nasdaq, Inc.
