The wheat complex is falling on Wednesday with weakness spilling over from the crude oil. Chicago SRW futures is down 18 to 19 cents on the day. KC HRW futures are showing 14 to 15 cent losses at midday. MPLS spring wheat is 15 to 17 cents lower. Crude oil is down $18.32 so at midday following a 2-week ceasefire between Iran and the US that includes the reopening of the Strait of Hormuz.
Analysts are looking for USDA to trim the US ending stocks estimate by 8 mbu to 923 mbu in Thursday’s WASDE according to a Bloomberg survey. World stocks are expected to be up 0.4 MMT to 277.4 MMT.
Forecasts remain wet for the next week, with portions of the Southern Plains showing 1 to 3 inches. Western parts of KS are seen with less than a half an inch.
Export Sales data will be out on Thursday, as traders are looking for 150,000 MT to 400,000 MT in sales for the week ending on April 2.
May 26 CBOT Wheat is at $5.79 1/2, down 18 1/2 cents,
Jul 26 CBOT Wheat is at $5.90 1/4, down 18 cents,
May 26 KCBT Wheat is at $5.92 3/4, down 14 3/4 cents,
Jul 26 KCBT Wheat is at $6.09, down 14 cents,
May 26 MIAX Wheat is at $6.24 1/4, down 16 3/4 cents,
Jul 26 MIAX Wheat is at $6.39 1/2, down 15 3/4 cents,
On the date of publication, Austin Schroeder 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.
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