The wheat market is back to fading off the overnight strength as we round out the month. Contracts in Chicago are steady to 2 cents lower. Kansas City futures are fractionally mixed at midday. MPLS spring wheat is down 2 to 3 cents across the front months.
Export Sales data tallied 23/24 wheat export sales at net reductions of 60,870 MT for old crop during the week of 5/23, not uncommon with just over a reporting week left in the MY. Old crop sales need to be shipped by May 31, a quick turnaround unless you’re just looking at destination switches. New crop sales were on the higher end of the 200,000-450,000 MT estimate range at 381,695 MT.
Jul 24 CBOT Wheat is at $6.79 1/4, down 1 3/4 cents,
Sep 24 CBOT Wheat is at $7.00 1/4, down 2 1/4 cents,
Jul 24 KCBT Wheat is at $7.09 1/4, down 1/4 cent,
Sep 24 KCBT Wheat is at $7.23 1/4, down 1/4 cent,
Jul 24 MGEX Wheat is at $7.39 3/4, down 2 1/4 cents,
Sep 24 MGEX Wheat is at $7.49 1/2, down 2 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.
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