Wheat Pulling Away From Highs, Still Holding Midday Gains
The wheat complex has pulled back from the double digit strength we was earlier in the session but is still higher at midday. Chicago contracts are up 2 to 6 cents so far on the day. Kansas City futures are up 6 to 7 cents at midday. MPLS spring wheat futures are steady to 3 1/2 cents higher.
There have still been zero delivery notices vs. KC May futures, with the oldest long dated April 30. There were 20 put out vs. May CBT wheat.
Export Sales data showed old crop wheat sales at 41,073 MT as the we enter the last week of the MY. Bookings for new crop were slightly below the previous week at 405,959 MT in the week of May 2. The top buyer was Mexico of 123,200 MT, with 121,900 MT sold to Panama.
Japan purchased 114,077 MT of wheat from US, Australia, and Canada in their weekly MOA tender, with 46,592 MT US specific.
Jul 24 CBOT Wheat is at $6.39 3/4, up 5 3/4 cents,
Sep 24 CBOT Wheat is at $6.60, up 5 cents,
Jul 24 KCBT Wheat is at $6.55 1/2, up 7 cents,
Sep 24 KCBT Wheat is at $6.68 1/2, up 7 cents,
Jul 24 MGEX Wheat is at $7.06 1/4, up 3 1/2 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.