Wheat Climbing Higher Ahead of Export Sales Release

Wheat in the blue sky under the sun

The wheat complex is trading 2 to 7 cents higher as it awaits fresh Export Sales data on Thursday morning. Chicago contracts hit a 10-month high in the front month continuation chart overnight, but posted losses of 4 ½ to 7 ¾ cents for the day. The July contract gunned stops all the way from $7 to $7.16 ¾ but settled at $6.93. Kansas City futures were down 2 to 4 ½ cents on the day. MPLS spring wheat saw contracts close 2 to 4 ¼ cents lower.  

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 finish the MY a week from tomorrow. 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, currently up 2 1/2 cents

Sep 24 CBOT Wheat  closed at $7.12 3/4, down 4 3/4 cents, currently up 2 1/4 cents

Jul 24 KCBT Wheat  closed at $6.99 1/2, down 2 cents, currently up 6 1/4 cents

Sep 24 KCBT Wheat  closed at $7.13 3/4, down 2 1/2 cents, currently up 5 3/4 cents

Jul 24 MGEX Wheat  closed at $7.36 1/2, down 2 1/4 cents, currently up 5 cents

Sep 24 MGEX Wheat  closed at $7.46 1/4, down 2 cents, currently up 2 3/4 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.