Wheat futures rallied more than 5% on Wednesday, as futures closed near their daily highs. Chicago SRW futures were 35 1/4 to 38 3/4 cents higher going home with July reaching price levels not seen since February. KC HRW ended the day up by 34 1/2 to 37 3/4 cents. Spring wheat futures in Minneapolis settled higher by as much as 29 3/4 cents in the front months.
Japan is on the market for 92,529 MT of food grade wheat from U.S., Canada, and Australia.
The European Commission reported wheat exports at 30.4 MMT for the season through 6/18. That is up 11% from last year’s pace.
The Ukrainian grain export corridor has been shipping at a slow pace through late May and June. Daily inspection rates remain low as Russia seeks to include new parameters for allowing the deal to remain in place.
Jul 23 CBOT Wheat closed at $7.34 1/2, up 38 3/4 cents,
Sep 23 CBOT Wheat closed at $7.48 1/4, up 39 1/2 cents,
Cash SRW Wheat was $6.88 3/8, up 38 7/8 cents,
Jul 23 KCBT Wheat closed at $8.73 3/4, up 37 3/4 cents,
Cash HRW Wheat was $8.30 1/1, up 36 5/8 cents,
Jul 23 MGEX Wheat closed at $8.78 3/4, up 29 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.
