Wheat Strength Pushes ton Wednesday’s Close as Black Sea Tensions Remain High
Wheat futures rose across the board as Black Sea tensions escalated, with Chicago SRW, KC HRW, and MPLS spring wheat markets closing higher. Ukraine’s missile strikes inside Russia added geopolitical strain. Export sales are projected at 275,000–600,000 MT, while Taiwan and Algeria issued wheat tenders. Dec 24 CBOT closed at $5.52 ½, up 2 ¾ cents, with gains seen in other contracts.
The wheat complex continues to extend higher as the Black Sea tensions heighten, with all three markets closing higher. Chicago SRW futures were up 2 3/4 to 5 cents across the board at the close. KC HRW contracts saw gains of 2 to 3 1/2 cents to close out the session. MPLS spring wheat ended the session with contracts steady to 5 ¼ cents higher.
Ukraine sent more western made missiles inside of Russian borders on Wednesday, this time British made missiles.
Following recent rains, the next week looks drier for much of the Southern Plains according to NOAA’s 7-day QPF.
Export Sales data released on Thursday morning is expected to show all wheat sales totaling between 275,000 and 600,000 MT in the week that ended on November 14.
Overnight, Taiwan tendered for 80,000 MT of US wheat, with the deadline due on Thursday. Algeria purchases an unknown total of durum wheat in their tender on Wednesday.
Dec 24 CBOT Wheat closed at $5.52 1/2, up 2 3/4 cents,
Mar 25 CBOT Wheat closed at $5.72 1/4, up 4 1/2 cents,
Dec 24 KCBT Wheat closed at $5.61 3/4, up 3 1/2 cents,
Mar 25 KCBT Wheat closed at $5.72 3/4, up 3 1/4 cents,
Dec 24 MGEX Wheat closed at $5.90 1/2, up 3 3/4 cents,
Mar 25 MGEX Wheat closed at $6.06 1/4, up 1 cent
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Source Link : Nasdaq
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