Wheat Popping Higher at Midweek
Wheat futures rose Wednesday as bulls regained ground across all markets. CBOT soft red wheat gained 8½ cents, KC HRW 4 cents, and MGEX spring wheat 3–4 cents. U.S. prices remain globally competitive, with traders expecting 500,000–800,000 MT in export sales. Syria issued a 200,000-MT wheat tender amid domestic shortfalls.
The wheat complex is showing the bulls battle back across all three markets on Wednesday. CBT soft red wheat futures are 8 to 8 1/2 cents higher on the day. KC HRW futures are 4 cents higher across the nearbys. MPLS spring wheat is up 3 to 4 cents in the front months
US prices are competitive on the world market, and recent Export Sales reports have shown the business. Traders are looking for 500,000 to 800,000 MT of wheat sales in the week that ended on August 14.
Syria has issued a tender for 200,000 MT of wheat, due to a lower domestic supply of the crop.
Sep 25 CBOT Wheat is at $5.07, up 8 1/2 cents,
Dec 25 CBOT Wheat is at $5.29 3/4, up 8 1/2 cents,
Sep 25 KCBT Wheat is at $5.03 1/2, up 4 cents,
Dec 25 KCBT Wheat is at $5.25 3/4, up 4 cents,
Sep 25 MGEX Wheat is at $5.72, up 3 1/2 cents,
Dec 25 MGEX Wheat is at $5.90 3/4, up 3 1/4 cents .
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Source : Nasdaq.com
