Wheat Futures Experience Mixed Movements Amid Export Sales Dynamics
The wheat complex is experiencing mixed action on Thursday as contracts exhibit signs of strength. Chicago SRW futures have increased by 1 to 3 cents. There were 80 delivery notices against May wheat overnight. Kansas City HRW contracts are mixed, with May rising 7 cents and July declining by ½ cent. Preliminary open interest rose by 3,720 contracts on Thursday, alongside 249 deliveries against May. MPLS spring wheat also gained, showing increases of 2 to 3 cents.
Export Sales Figures Reflect Market Fluctuations
Export Sales data for the week of April 24 reported a total of 75,005 MT, a rise from the previous week’s net reduction, aligning with expectations ranging from 200,000 MT to 300,000 MT. Notably, Thailand purchased 58,000 MT, while Nigeria secured 39,000 MT. New crop sales amounted to 238,300 MT, situated in the projected range of 100,000 to 400,000 MT, with South Korea acquiring 58,000 MT and 49,600 MT sold to an undisclosed buyer.
Weather Impact on Wheat Markets
Precipitation is anticipated to sweep across parts of the Southern Plains over the coming days. NOAA forecasts additional rounds of showers for the Texas Panhandle to western Kansas into early next week.
Current Wheat Futures Prices
May 25 CBOT Wheat is trading at $5.18 1/2, an increase of 5 1/2 cents.
Jul 25 CBOT Wheat is at $5.32 1/4, up 1 1/2 cents.
May 25 KCBT Wheat stands at $5.21 1/4, up 7 cents.
Jul 25 KCBT Wheat is at $5.29, down 1/2 cent.
May 25 MGEX Wheat is priced at $6.16 1/2, up 2 1/2 cents.
Jul 25 MGEX Wheat is at $5.99, gaining 2 cents.
On the date of publication, Austin Schroeder did not hold (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data are provided solely for informational purposes. For further details, please review the Barchart Disclosure Policy.
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