
Wheat futures are trading with gains of as much as 3 cents so far for Thursday. After trading through midday with losses on Wednesday the market went home mostly in the black. The March SRW contract was 1 1/2 cents lower at the bell, but the other nearby contracts were up by as much as 2 cents. KC HRW prices closed with 4 to 5 1/2 gains. Spring wheat futures ended the day 3 1/4 to 4 cents higher.
Ahead of the weekly Export Sales report the trade expects between 300k and 600k MT of old crop wheat was sold for export. New crop bookings are anticipated to be below 275k MT.
Traders estimate StatsCan will report wheat stocks at 22.3 MMT as of Dec 31. The lowest estimate is for 21.2 MMT, and the highest estimate is for 23.2 MMT, compared to last year’s 16.798 wheat stock.
Mar 23 CBOT Wheat closed at $7.59 3/4, down 1 1/2 cents, currently up 2 3/4 cents
May 23 CBOT Wheat closed at $7.70 1/2, unch, currently up 2 1/4 cents
Cash SRW Wheat was $6.98 3/8, down 2 3/8 cents,
Mar 23 KCBT Wheat closed at $8.84 1/4, up 5 1/2 cents, currently up 4 1/4 cents
Cash HRW Wheat was $8.50 3/4, up 6 5/8 cents,
Mar 23 MGEX Wheat closed at $9.26, up 3 3/4 cents, currently up 4 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.