Wheat Sep '24 (ZWU24)
Wheat Futures Market News and Commentary
Wheat is trading with modest 2 to 5 cent gains so far on Monday. The wheat complex was in rally mode to close out the week, finishing higher in all three exchanges. Chicago SRW contracts were 4 ¾ to 9 ½ cents higher across most contracts, with September up 42 ½ cents on the week. Preliminary open interest rose 2,320 contracts. KC HRW futures rallied 10 ½ to 15 ¾ cents on the day, with September up 56 cents for the week. OI was up 1,671 on Friday. MPLS spring wheat was right there with the winter wheats, up 6 ½ to 11 ½ cents on Friday, as September rallied 39 ¼ cents.
Continued buying from the escalating Black Sea conflict is supportive after strikes on ports and vessels on the water have disrupted the flow of exports.
The weekly USDA Export Sales report from Thursday shows 2026/27 wheat sales now at 2.057 MMT as of July 9, which was 10% of the USDA export projection and ahead of the 9% average pace over the last 5 years.
Weekly Commitment of Traders data indicated... Read more
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