Wheat markets are experiencing downward trends, with Chicago SRW futures showing declines of 6 ¾ to 11 ¼ cents as of Thursday morning. The wheat complex reported a total open interest drop of 1,055 contracts. In the most recent trading session on Wednesday, May 26 CBOT Wheat closed at $6.06, down 10 ½ cents. Meanwhile, KC HRW futures closed down 1 to 3 cents, with an increase of 2,771 contracts in open interest.
Algeria has purchased an estimated 390,000 to 420,000 metric tons of wheat in a recent tender. Additionally, Stats Canada reported wheat stocks at the end of March at 19.47 million metric tons, reflecting a 12% increase from the previous year. Excluding durum, stocks rose 10.7% to 16.056 million metric tons. The USDA’s Export Sales report, set for release Thursday, is anticipated to show old crop wheat sales between 100,000 and 300,000 metric tons for the week ending April 30.
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