Wheat Popping Rallying on Thursday
Wheat futures rose across all major US exchanges by midday. CBOT gained 11 cents, KCBT added 10–11 cents, and MGEX rose 6–7¼ cents. Weekly U.S. wheat sales hit 737,831 MT, a marketing year high, mainly HRW. Another South Korean buyer purchased 65,000 MT, likely U.S. origin, further supporting prices.
The wheat complex is rallying across the three markets at midday. KC HRW is showing 10 to 11 cent gains across most nearby contracts at midday. CBT futures are 11 cents higher in the front months on Thursday. MPLS spring wheat is up 6 to 7 ¼ cents across the front months at midday.
USDA showed a total of 737,831 MT of wheat sold in the week ending on July 31, with a heavy focus on HRW (414,312 MT). That exceeded analysts’ estimates of between 350,000 and 600,000 MT and was a MY high.
Another South Korean importer purchased 65,000 MT of wheat in a tender overnight, with the expected origin to be the US.
Sep 25 CBOT Wheat is at $5.19 1/2, up 11 cents,
Dec 25 CBOT Wheat is at $5.40 1/4, up 11 cents,
Sep 25 KCBT Wheat is at $5.22 1/4, up 10 3/4 cents,
Dec 25 KCBT Wheat is at $5.42, up 10 cents,
Sep 25 MGEX Wheat is at $5.76 1/4, up 7 1/4 cents,
Dec 25 MGEX Wheat is at $5.98 3/4, up 6 1/2 cents .
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Source : Nasdaq.com
