Wheat prices gained 5 to 9 cents across major markets on Thursday morning, following a drop the previous day where Chicago SRW futures fell by up to 18 ¾ cents. Open interest increased by 6,719 contracts. Kansas City HRW futures dropped 12 ¼ to 21 ¾ cents, while Minneapolis spring wheat was down by 8 to 16 ½ cents. Crude oil saw a significant rise of $9.50 overnight, driven by President Trump’s address indicating ongoing military operations affecting the Strait of Hormuz.
The Export Sales report released Thursday morning anticipates old crop wheat sales between 200,000 and 500,000 metric tons, while new crop estimates range from 100,000 to 300,000 metric tons. The May 26 CBOT Wheat closed at $5.97 ½, down 18 ¾ cents, but it is currently trading 8 ½ cents higher. The trading week concludes on Thursday due to the Good Friday holiday.
