Wheat futures ended Friday with gains of more than 1%. Chicago futures settled up by 8 3/4 to 11 1/2 cents on Friday, with May rallying 31 1/4 cents for the week. KC HRW futures were 11 3/4 to 16 cents higher across the front months at the bell. For May that was a weekly gain of 37 1/2 cents. Minneapolis spring wheat futures were 8 3/4 to 11 3/4 cents higher at the bell on Friday, completing the week with a 36 1/4 cent gain for May.
The Black Sea Export Corridors deal is set to renew tomorrow, barring any party (amongst Russia, Ukraine, Turkey, and/or the U.N.) rejecting a renewal. As it stands, Russia seeks a 60-day renewal while the other parties are looking for the 120-day pre-programmed renewal. China’s president Xi Jinping is set to visit Russia next week, marking both the first visit to Russia since the invasion and Xi’s first foreign visit since his 3rd term reelection – the Ukraine war is at the core of the talks.
The 7-day QPF from NOAA shows at least 1” of accumulated precip for the entirety of the ECB, and 0.25” to 1” for the HRS region. Texas will also catch some rains in the South and East, but notably the HRW areas of S.W. NE, E. CO, W. KS, W. OK, and N.W. TX will all remain dry over the coming week.
Egypt’s GASC reportedly booked 120k MT of Ukrainian wheat via tender. It would be shipped during the Russian’s 60-day window.
May 23 CBOT Wheat closed at $7.10 1/2, up 11 1/2 cents,
Jul 23 CBOT Wheat closed at $7.19 1/2, up 10 1/2 cents,
Cash SRW Wheat was $6.57 3/4, up 11 1/2 cents,
May 23 KCBT Wheat closed at $8.35 3/4, up 16 cents,
Cash HRW Wheat was $7.97 1/4, up 16 cents,
May 23 MGEX Wheat closed at $8.60 3/4, up 11 3/4 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.
