Wheat Trying to Hold Gains on Thursday
“Wheat futures see modest gains as bullish sentiment prevails amidst tight trading. Chicago contracts hold steady to 1 cent higher, with Kansas City up 3 to 6 cents and MPLS spring wheat climbing 4 to 6 cents. However, concerns arise with lackluster export sales for the remaining weeks of the 23/24 MY, totaling just 17,852 MT. Sales for the 24/25 crop hit a 5-week low at 224,860 MT, with Mexico leading purchases at 129,300 MT, followed by Brazilian buyers with 30,000 MT.”
The wheat complex got off to a higher early start, as bulls are now fighting to stay above water. Chicago contracts are showing steady to 1 cent higher trade so far on the day. Kansas City futures are up 3 to 6 cents at midday. MPLS spring wheat is up 4 to 6 cents.
All wheat export sales for the 23/24 MY were just 17,852 MT as there are just 2 weeks left in the MY. Sales for the 24/25 crop were on the low end of the estimates during the week of 5/16 at 224,860 MT. That was a 5-week low. The top buyer was Mexico of 129,300 MT, with 30,000 MT sold to Brazilian buyers.
Source Link: https://www.nasdaq.com/articles/wheat-trying-to-hold-gains-on-thursday
Recommended for you
