Wheat Markets Gain Ground Amidst USDA Updates and Production Estimates
Wheat markets are showing positive movement early Thursday. The wheat complex transitioned from mixed midday trading to post gains across all three exchanges by the close of Wednesday. Chicago SRW futures finished strong, with gains ranging from 1 to 3 cents. Kansas City HRW contracts increased by 5 to 7 cents throughout the session, while MPLS spring wheat saw increases of 7 to 8 cents in its front months.
This morning, the USDA is set to release Export Sales data. Traders anticipate net reductions between 100,000 MT and net sales of 400,000 MT for the old crop. Predictions for new crop sales range from 0 to 200,000 MT.
Don’t Miss a Day: For comprehensive commodity analysis, from crude oil to coffee, sign up free for Barchart’s services.
On Thursday, estimates for U.S. wheat ending stocks will be updated. The market expects ending stocks to rise to 825 million bushels, which would represent an increase of 6 million bushels from the previous month. According to a Reuters survey of analysts, global ending stocks are anticipated to increase by 0.31 million metric tons to a total of 260.39 million metric tons.
In Europe, the EU commission has revised its wheat production estimate upward by 0.6 million metric tons to 128.1 million metric tons.
Closing prices for May 25 CBOT Wheat were $5.42 1/4, up 2 1/4 cents, with the market currently up 4 3/4 cents.
For May 25 KCBT Wheat, the closing price was $5.68, reflecting an increase of 6 1/2 cents, while it is presently up 6 cents. The May 25 MGEX Wheat settled at $6.08 3/4 after rising 7 3/4 cents, with a current increase of 3 1/4 cents. Closing prices for July 25 contracts are as follows: CBOT at $5.55 3/4, up 1 3/4 cents and currently up 5 1/2 cents; KCBT at $5.80 1/4, up 5 1/4 cents and currently up 6 cents; MGEX at $6.21 1/2, showing an increase of 7 cents and currently up 1/4 cent.
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 in this article are for informational purposes only. For more details, please refer to the Barchart Disclosure Policy
here.
More news from Barchart
The views and opinions expressed herein are those of the author and do not necessarily reflect those of Nasdaq, Inc.
