Wheat Pulls Back After Hitting 10-Month High

Harvested wheat that is ready for processing

The wheat complex is pulling back at midday despite early strength. Chicago contracts hit a 10-month high in the front month continuation chart overnight, but are now down 1 to 2 cents. Kansas City futures are still being held up with drier crop prospects over the next week, up fractionally to 2 cents. MPLS spring wheat are trading with 1 to 2 cent losses.  

All wheat export sales for the 23/24 MY are expected to be between net reductions of 100,000 MT to net sales of 100,000 MT in the week of 5/16 as we get set to round out the MY. Sales for the 24/25 crop are seen ranging from 200,000-650,000 MT.

The 7-day outlook from NOAA shows much of the Southern Plains expected to remain dry for the next week, with a good part of the SRW country receiving 1-3 inches. 

Jul 24 CBOT Wheat  is at $6.95 3/4, down 1 3/4 cents,

Sep 24 CBOT Wheat  is at $7.15, down 2 1/2 cents,

Jul 24 KCBT Wheat  is at $7.02 3/4, up 1 1/4 cents,

Sep 24 KCBT Wheat  is at $7.16 1/2, up 1/4 cent,

Jul 24 MGEX Wheat  is at $7.36 3/4, down 2 cents,

Sep 24 MGEX Wheat  is at $7.47, down 1 1/4 cents,

On the date of publication, Alan Brugler 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.