The wheat market is posting Thursday morning strength following overnight trade. They closed mixed on Wednesday. Kansas City led the way lower, with contracts down 3 to 10 ¼ cents and May up ¾. Chicago contracts were down 1 ½ to 4 cents across the nearbys and up fractionally to 2 ½ cents in the deferreds. MPLS spring wheat was mixed, with front months down 2 to 3 and back months up 1 to 4 ¾ cents.
There were 211 deliveries against May CBT wheat overnight, with Dorman listed as the stopper for 138. There were again zero deliveries vs. KC HRW, with the oldest long subject to delivery now dated 12/6/23.
The 7-day QPF from NOAA shows some precip making its way further into some western portions of the Plains that have thus far remained dry.
Tuesday afternoon’s Flour Milling report showed first quarter wheat grind at 226.55 mbu during Jan-March. That was 1 mbu above the same period last year.
The weekly Export Sales report will be released this morning, with traders expecting a range of net reductions of 100,000 MT to net sales of 100,000 MT for old crop. For the week that ended on 4/25, new crop sales are estimated in a range of 200,000 to 600,000 MT.
May 24 CBOT Wheat closed at $5.81 1/2, down 3 1/2 cents, currently up 10 3/4 cents
Jul 24 CBOT Wheat closed at $5.99 1/4, down 4 cents, currently up 9 3/4 cents
May 24 KCBT Wheat closed at $6.25 1/2, up 2 3/4 cents, currently unchanged
Jul 24 KCBT Wheat closed at $6.25, down 10 1/4 cents, currently up 12 1/2 cents
Jul 24 MGEX Wheat closed at $7.02 1/4, down 2 cents, currently up 5 1/4 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.
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