Wheat Closes Lower After Hitting 10-Month Highs

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The wheat complex posted early strength on Wednesday, but quickly faded off for losses at the close. Chicago contracts hit a 10-month high in the front month continuation chart overnight, but posted losses of 4 ½ to 7 ¾ cents. Kansas City futures were down 2 to 4 ½ cents on the day. MPLS spring wheat saw contracts close with 2 to 4 ¼ cent lower trade.  

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  closed at $6.93, down 4 1/2 cents,

Sep 24 CBOT Wheat  closed at $7.12 3/4, down 4 3/4 cents,

Jul 24 KCBT Wheat  closed at $6.99 1/2, down 2 cents,

Sep 24 KCBT Wheat  closed at $7.13 3/4, down 2 1/2 cents,

Jul 24 MGEX Wheat  closed at $7.36 1/2, down 2 1/4 cents,

Sep 24 MGEX Wheat  closed at $7.46 1/4, down 2 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.