Wheat Market Steady Midweek as Futures Show Minor Gains

Wheat Futures Experience Slight Increases Ahead of Holiday Closure

The wheat market remained relatively stable during midday trading on Tuesday. Chicago SRW futures recorded increases ranging from 2 ½ to 3 ½ cents. Similarly, KC HRW contracts also saw gains of 2 ½ to 3 ½ cents by day’s end. MPLS spring wheat futures ended the New Year’s Eve session with modest improvements of up to 2 cents.

With a market closure on Wednesday, traders will prepare for a hard reopen at 8:30 am CST on Thursday. The weekly Export Sales report is scheduled for release on Friday morning.

The National Oceanic and Atmospheric Administration’s (NOAA) 7-day Quantitative Precipitation Forecast (QPF) indicates minimal precipitation is expected in the western Plains over the next week, while eastern regions, including the SRW area, may receive between 1-2 inches of rain. The 8-14 day outlook predicts a high likelihood of below-normal temperatures east of the Rockies.

Mar 25 CBOT Wheat closed at $5.51 1/2, up 3 1/4 cents.

May 25 CBOT Wheat closed at $5.62 1/2, up 3 1/2 cents.

Mar 25 KCBT Wheat closed at $5.59 1/4, up 3 1/2 cents.

May 25 KCBT Wheat closed at $5.67 3/4, up 3 1/4 cents.

Mar 25 MGEX Wheat closed at $5.95 3/4, up 2 cents.

May 25 MGEX Wheat closed at $6.03 1/2, up 2 cents.

On the date of publication, Austin Schroeder 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 those of the author and do not necessarily reflect those of Nasdaq, Inc.