Wheat Showing Midday Strength

The wheat complex continues to extend higher as the Black Sea tensions remain high, as all three markets are higher. Chicago SRW futures are up 4 to 6 cents across the nearbys, KC HRW contracts are posting gains of 6 to 7 cents on the session. MPLS spring wheat is up 4 to 6 cents at midday.

Following recent rains, the next week looks drier for much of the Southern Plains according to NOAA’s 7-day QPF. 

Export Sales data released on Thursday morning is expected to show all wheat sales totaling between 275,000 and 600,000 MT in the week that ended on November 14.

Overnight, Taiwan tendered for 80,000 MT of US wheat, with the deadline due on Thursday. Algeria purchases an unknown total of durum wheat in their tender on Wednesday.

Dec 24 CBOT Wheat  is at $5.54, up 4 1/4 cents,

Mar 25 CBOT Wheat  is at $5.73 1/2, up 5 3/4 cents,

Dec 24 KCBT Wheat  is at $5.65, up 6 3/4 cents,

Mar 25 KCBT Wheat  is at $5.76, up 6 1/2 cents,

Dec 24 MGEX Wheat  is at $5.92 3/4, up 6 cents,

Mar 25 MGEX Wheat  is at $6.10, up 4 3/4 cents,