The wheat complex are trading with contracts higher across the three exchanges on Wednesday. Chicago SRW futures are trading with 1 to 2 cent gains on the midweek session. KC HRW futures are up 2 to 3 cents on Wednesday. MPLS spring wheat is trading with 1 to 2 cent gains at midday.
The 7-day forecast from NOAA shows the western half of KS through the panhandle of TX with little to no precip. Areas further east is looking at 1 to 2 inches of precip.
Weekly Export Sales data will be out on Thursday, with old crop wheat seen in a range of 0 to 250,000 MT for the week of April 16. New crop sales are seen in a range of 100,000 to 300,000 MT.
SovEcon estimates the Russian wheat crop at 89.7 MMT, a 2.1 MMT increase from their previous number, citing favorable weather. EU soft wheat exports are seen at 19.01 MMT from July 1 to April 19 according to the EU commission, which was 1.39 MMT above the same period last year.
May 26 CBOT Wheat is at $6.06, up 1 cent,
Jul 26 CBOT Wheat is at $6.14, up 1 1/4 cents,
May 26 KCBT Wheat is at $6.45 1/2, up 2 cents,
Jul 26 KCBT Wheat is at $6.58, up 2 1/4 cents,
May 26 MIAX Wheat is at $6.66 1/2, up 1 cent,
Jul 26 MIAX Wheat is at $6.84 1/2, up 1 1/4 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.
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