Wheat is kicking off Thursday trade with contract higher across the three markets. The wheat complex was under pressure on Wednesday as money was coming out with pressure from crude oil. Chicago SRW futures was down 13 to 17 ¾ cents in the nearbys on the day. Open interest was down 11,115 contracts on Wednesday, implying some long liquidation. KC HRW futures posted 7 to 12 1/4 cent lower trade into the final bell. MPLS spring wheat saw losses of 11 ¾ to 17 cents in the front months at the close. Crude oil was down $16.45 on the day following a 2-week ceasefire between Iran and the US that includes the reopening of the Strait of Hormuz. It is back up $4.55 this morning as traffic has been limited.
Expana estimates the EU wheat production for 2026/27 at 128.7 MMT, up from the 128.6 MMT last month.
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Export Sales data will be out on Thursday, as traders are looking for 150,000 MT to 400,000 MT in sales for the week ending on April 2.
Analysts are looking for USDA to trim the US ending stocks estimate by 8 mbu to 923 mbu in Thursday’s WASDE according to a Bloomberg survey. World stocks are expected to be up 0.4 MMT to 277.4 MMT.
A South Korean mill importer purchased 90,000 MT of wheat from the US in a tender on Wednesday, with another private tender saw 60,000 MT of wheat purchased.
May 26 CBOT Wheat closed at $5.80 1/4, down 17 3/4 cents, currently up 7 1/2 cents
Jul 26 CBOT Wheat closed at $5.91 1/4, down 17 cents, currently up 6 3/4 cents
May 26 KCBT Wheat closed at $5.95 1/4, down 12 1/4 cents, currently up 9 cents
Jul 26 KCBT Wheat closed at $6.12, down 11 cents, currently up 8 1/4 cents
May 26 MIAX Wheat closed at $6.24, down 17 cents, currently up 5 cents
Jul 26 MIAX Wheat closed at $6.39 3/4, down 16 1/2 cents, currently up 5 1/4 cents
On the date of publication, Austin Schroeder 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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