Wheat Starting Thursday with a Bounce

Wheat is showing 1 to 8 cent higher trade so far on Thursday morning. The wheat complex was lower across the three markets in the midweek session. Chicago SRW futures closed the Wednesday session with contracts down 2 to 5 ¾ cents. Open interest was down 6,033 contracts. KC HRW futures were down 4 to 5 ¾ on the day. MPLS spring wheat posted losses of ¼ to 2 ¼ cents at the closing bell. 

The 7-day forecast from NOAA shows the western half of KS through the panhandle of TX with little to no precip. Areas further east is looking at 1 to 2 inches of precip.

Weekly Export Sales data will be out on Thursday, with old crop wheat seen in a range of 0 to 250,000 MT for the week of April 16. New crop sales are seen in a range of 100,000 to 300,000 MT. 

SovEcon estimates the Russian wheat crop at 89.7 MMT, a 2.1 MMT increase from their previous number, citing favorable weather. EU soft wheat exports are seen at 19.01 MMT from July 1 to April 19 according to the EU commission, which was 1.39 MMT above the same period last year.

Taiwan flour mills purchased a total of 105,950 MT of wheat from the US in a tender overnight. Saudi Arabia also issued a tender to buy 710,000 MT of wheat, with a deadline set for Friday.

May 26 CBOT Wheat  closed at $5.99 1/4, down 5 3/4 cents, currently up 3 1/4 cents

Jul 26 CBOT Wheat  closed at $6.07, down 5 3/4 cents, currently up 4 1/2 cents

May 26 KCBT Wheat  closed at $6.37 3/4, down 5 3/4 cents, currently up 8 cents

Jul 26 KCBT Wheat  closed at $6.50, down 5 3/4 cents, currently up 7 cents

May 26 MIAX Wheat  closed at $6.65 1/4, down 1/4 cent, currently up 2 1/2 cents

Jul 26 MIAX Wheat  closed at $6.81, down 2 1/4 cents, currently up 1 cent