Wheat Trying to Put Together a Bounce

The wheat markets are trading back higher early on Thursday, led by 5 to 7 cent gains in the spring wheat. Chicago is up 4 to 5 cents, with KC 3 ½ to 4 cents higher. Wheat closed Wednesday with contracts near the lows. Chicago futures were down 4 ¾ to 12 ¾ cents. Kansas City posted losses of 8 ¾ to 14 ¾ cents at the close, abandoning any pretext of a rising regression channel. MPLS was the firmest of the three exchanges, but still lost 2 to 6 cents. 

While there isn’t much in NOAA’s 7-day QPF for Plains moisture, CPC’s 8-14 day outlook shows above normal odds for precip across much of the US for the last week of April. Above normal temps are also expected. 

USDA will release the weekly Export Sales report on Thursday. Most in the trade are expecting another light round of old crop sales as we near the end of the MY, with net reduction of 100,000 to net sales of 200,000 MT. Estimates for new crop are in a range of 150,000-400,00 MT. 

May 24 CBOT Wheat  closed at $5.37, down 12 3/4 cents, currently up 4 1/4 cents

Jul 24 CBOT Wheat  closed at $5.52 1/4, down 12 1/2 cents, currently up 4 1/2 cents

May 24 KCBT Wheat  closed at $5.72 3/4, down 14 3/4 cents, currently up 4 cents

Jul 24 KCBT Wheat  closed at $5.69, down 14 cents, currently up 3 1/2 cents

Jul 24 MGEX Wheat  closed at $6.39 1/4, down 5 3/4 cents, currently up 6 3/4 cents