Wheat Futures Market News and Commentary
Wheat futures traded mostly sideways to lower after the early session gains, but still closed with double digit gains. CBT SRW futures ended the session 2.64% to 2.9% in the black. KC HRW closed with 2.71% to 3.21% gains. MGE futures ended with 1.51% to 1.98% gains.
Global weather data shows European wheat was exposed to a recent cold snap. Domestic precipitation forecasts from NOAA’s 7-day QPF suggest as much as an inch of rain accumulation from the W. NE panhandle and N.E. corner of CO through KS and OK into S.E. TX. Most of the ECB SRW region is forecasted to stay dry through the week receiving less than 1/4” accumulated through the week.
Analysts surveyed ahead of the weekly Export Sales report expect between 50,000 to 200,000 MT. For new crop, wheat sales are expected to be between 300,000 and 500,000 MT.
Cash SRW Wheat was $6.20 1/3, up 18 1/8 cents,
May 21 CBOT Wheat closed at $6.48, up 18 1/4 cents,
Jul 21 CBOT Wheat c... Read more