Wheat contracts saw notable gains on Thursday, rising 4 to 7 cents, following a significant rally on Wednesday driven by escalating tensions in the Black Sea. Chicago SRW contracts hit the 45-cent limit for front months, closing at $7.30 1/2, while KC HRW futures increased by 17 to 38 cents, with front month prices at $7.92. Open interest also saw a rise, adding 5,713 contracts in Chicago and 4,308 contracts in Kansas City, indicating new buying.
Analysts are anticipating Export Sales data on Thursday, with projections estimating between 250,000 to 550,000 metric tons of wheat sold for the week ending August 20. Meanwhile, EU soft wheat exports from July 1 to August 23 totaled 2.38 million metric tons, a decrease of 1.18 million metric tons from the previous week.
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