The wheat complex closed out Wednesday mostly higher across all three exchanges. KC HRW futures were the leaders, with gains of 12 to 17 1/4 cents in the front months. MPLS spring wheat contracts saw slight gains on the day, up1 to 2 cents. CBoT futures posted fractional to 1 ½ cent gains in the front months.
With the weekly Export Sales report out on Thursday morning, the trade range of estimates calls for net cancellations of 100,000 MT to sales of 250,000 MT for old crop. New crop bookings are seen totaling 100,000-300,000 MT.
Monthly WASDE data will get an update on Thursday, with the trade expecting an ending stocks increase after the larger than expected March 31 stocks totals. The average trade estimate is 690 mbu, which would be a 17 mbu hike from the March balance sheet update. The range is from 670 mbu to 723 mbu. For the world number, traders are estimating a 0.4 MMT increase to 259.2 MMT.
May 24 CBOT Wheat closed at $5.58 1/2, up 3/4 cent,
Jul 24 CBOT Wheat closed at $5.73 1/2, up 1 1/2 cents,
May 24 KCBT Wheat closed at $5.94 1/2, up 17 1/4 cents,
Jul 24 KCBT Wheat closed at $5.87 3/4, up 13 1/2 cents,
Jul 24 MGEX Wheat closed at $6.59, up 1 1/4 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.
