Wheat Rallies Double Digits on Wednesday
Wheat futures saw strong gains on Wednesday across multiple markets. Chicago SRW futures rose by 17-18 cents, KC HRW futures increased by 19-20 cents, and MPLS spring wheat gained 14-16 cents. Export sales data, expected Thursday, will likely show 150,000 to 500,000 MT in 2024/25 sales. Japan also issued a tender to purchase 89,134 MT of wheat from the U.S. and Canada.
The wheat markets posted double digit gains across the three markets on Wednesday. Chicago SRW futures were up 17 to 18 cents in the nearbys at the close. KC HRW futures were 19 to 20 cents higher in the front months on the session. MPLS spring wheat was 14 to 16 cents in the green.
Export Sales data will be released on Thursday morning, with traders looking for 150,000 to 500,000 MT in 2024/25 wheat sales during the week of 1/23, with 0 to 50,000 MT expected for 2025/26 sales.
Japan has issued a tender to buy 89,134 MT of wheat from the US and Canada, with 29,070 MT US specific.
Mar 25 CBOT Wheat closed at $5.62 1/2, up 17 1/4 cents,
May 25 CBOT Wheat closed at $5.76, up 17 1/4 cents,
Mar 25 KCBT Wheat closed at $5.80 1/4, up 19 1/4 cents,
May 25 KCBT Wheat closed at $5.90 1/4, up 19 1/2 cents,
Mar 25 MGEX Wheat closed at $6.13 3/4, up 16 cents,
May 25 MGEX Wheat closed at $6.22 1/4, up 14 1/4 cents.
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Source : Nasdaq.com
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