Wheat May '23 (ZWK23)
Wheat Futures Market News and Commentary
Wheat is extending the rally to Friday, with contracts 6 to 11 cents higher. The wheat complex pushed the recent strength to 3-year highs in the winter wheat exchanges on Thursday. Chicago SRW contracts ended the session with contracts 8 to 12 ½ cents higher. Open interest was up 4,998 contracts on Thursday, with September down 6,943 ahead of FND on Monday. KC HRW futures posted gains of 10 to 13 ¼ cents on Thursday. OI was up just 1,468 contracts. MPLS spring wheat saw 5 to 11 ¼ cent gains to close the day.
The Black Sea conflict continues to remain elevated following Wednesday’s reports that Russia is looking to escalate. The next 4 month period is normally peak shipment season.
Export Sales data from this morning showed a total of 402,531 MT of 2026/27 wheat sold in the week of 8/20. That was a 9-week high but still 30.57% below the same week last year. Mexico was the top buyer of 78,500 MT, with 71,900 MT sold to Japan and 65,000 MT to Vietnam
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Walsh Trading · Thu Aug 27, 6:51PM CDT
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Barchart · Thu Aug 27, 5:01PM CDT
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