HomeMost Popular Positive Momentum in Wheat Prices Positive Momentum in Wheat Prices

Positive Momentum in Wheat Prices Positive Momentum in Wheat Prices

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Midday Fluctuations

Despite initial losses in nearby wheat prices on Thursday, the afternoon saw a reversal of fortunes as the board closed 1 ΒΎ to 2 cents higher in Chicago, 1 ΒΌ to 2 Β½ cents higher in KC, and fractionally to 1 Β½ cents higher in Minneapolis.

Export Sales

The USDA’s FAS reported that 176k MT of wheat was sold for export during the week ending 3/14. This included a net reduction of 109k MT in old crop bookings, which saw a 264k MT cancellation from China, while new crop bookings amounted to 286k MT. New crop sales exceeded expectations, pushing the forward book to 803k MT, marking a 20% increase compared to the same period last year. Old crop commitments remain 3% ahead of last year’s pace, totaling 18.4 MMT.

International Activity

Japan was active in the market, booking 221k MT of wheat through a regular tender, with 113k MT specifically from the U.S.

May 24 CBOT Wheat closed at $5.46 3/4, up 1 3/4 cents,

Jul 24 CBOT Wheat closed at $5.62, up 1 3/4 cents,

May 24 KCBT Wheat closed at $5.81 3/4, up 1 1/4 cents,

Jul 24 KCBT Wheat closed at $5.75 1/2, up 1 3/4 cents,

May 24 MGEX Wheat closed at $6.56 1/2, up 1 1/2 cents.

On the date of publication, Alan Brugler did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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