The wheat markets are trying to recover from the Wednesday weakness, as futures try to push higher at midday. Chicago is running low on fuel, with gains limited to just 1 to 3 cents. Kansas City is up 5 to 7 ¼ cents. MPLS is leading the way with 5 to 8 ½ cent gains so far on the day.
USDA’s weekly Export Sales report showed wheat with the second net reduction for the MY, with net cancellations of 93,556 MT. Much of that was due to a net cancellation of 123,700 MT for China and 48,000 MT for unknown destinations. New crop was a 3-week low at 222,016 MT.
Japan purchased 94,612 T of wheat from the US and Canada in their weekly MOA tender, with 34,272 MT US specific.
May 24 CBOT Wheat is at $5.38 1/4, up 1 1/4 cents,
Jul 24 CBOT Wheat is at $5.54 3/4, up 2 1/2 cents,
May 24 KCBT Wheat is at $5.79 1/2, up 6 3/4 cents,
Jul 24 KCBT Wheat is at $5.76 1/4, up 7 1/4 cents,
Jul 24 MGEX Wheat is at $6.46 1/4, up 7 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.