The wheat market is experiencing a midday rally, with Kansas City Hard Red Winter (KC HRW) wheat gaining 10 to 11 cents across most nearby contracts. Chicago Board of Trade (CBOT) futures are up 11 cents, while Minneapolis (MPLS) spring wheat has increased by 6 to 7 ¼ cents.
In the week ending July 31, the USDA reported 737,831 metric tons of wheat sold, including 414,312 metric tons of HRW, surpassing analyst estimates of 350,000 to 600,000 metric tons, marking a marketing year high. Additionally, a South Korean importer purchased 65,000 metric tons of U.S. wheat in a tender overnight.
Current wheat prices include September CBOT Wheat at $5.19 ½, December CBOT Wheat at $5.40 ¼, September KC Wheat at $5.22 ¼, December KC Wheat at $5.42, September MGEX Wheat at $5.76 ¼, and December MGEX Wheat at $5.98 ¾.
