Wheat Extending Bull Run
The wheat complex leads the grains surge, with Kansas City futures rising 10 ¾ to 16 ¾ cents and Chicago contracts up 9 ½ to 12 cents. Spring wheat futures climb 9 ¼ to 13 ¼ cents on the MPLS exchange. Portions of HRW wheat country expect minimal rain over the next week, with above-normal temperatures forecasted for May. Thursday’s Export Sales report anticipates old crop net reductions or sales ranging from 100,000 MT to 100,000 MT, with new crop sales projected at 100,000 to 400,000 MT.
The wheat complex is continuing to lead the grains bull charge this week. Kansas City futures were up 10 ¾ to 16 ¾ cents on the session. Chicago contracts were up 9 ½ to 12 cents at the close. Spring wheat futures were 9 ¼ to 13 ¼ cents higher on the MPLS exchange.
Portions of the HRW wheat country from western Kansas down to the Texas panhandle are expected to miss out on the widespread rain event over the next week, with minimal amounts expected. The 6-10 day forecast also calls for above normal temperatures as we get into May.Thursday morning’s weekly Export Sales report is expected to show anywhere from net reductions of 100,000 MT to net sales of 100,000 MT for old crop. New crop sales in the week of 4/18 are seen at 100,000 to 400,000 MT.
Source Link: https://www.nasdaq.com/articles/wheat-extending-bull-run
Recommended for you
