Bulls Defend $6 SRW Wheat on Thursday
Wheat prices firmed up on Thursday with 1 ¼ to 13 ¼ cent gains across the U.S. classes. Chicago wheat futures led the way with double digit rallies of as much as 2.2%, though prices initially worked lower and traded sub-$6 for the first time in a month. KC HRW ended with front month gains of 3 to 4 ½ cents. Spring wheat was 1 ¾ to 2 ¾ cents higher on the day and closed near the session highs.
Spring wheat stocks were shown at 16.853 million bushels on Jan 1 according to the MGEX. That is 6.2% below supplies during the same time last year.
Analysts are looking for the weekly wheat export sales to be between 150k MT and 450k MT for the week that ended 12/28.
Mar 24 CBOT Wheat closed at $6.13 1/2, up 13 1/4 cents,
May 24 CBOT Wheat closed at $6.24 1/2, up 11 1/2 cents,
Mar 24 KCBT Wheat closed at $6.25 3/4, up 4 1/4 cents,
Mar 24 MGEX Wheat closed at $7.11 1/4, up 2 3/4 cents,
Source Link:https://www.nasdaq.com/articles/bulls-defend-$6-srw-wheat-on-thursday
Recommended for you
