Wheat Bounces on Wednesday
Wheat prices recovered on Wednesday, with Chicago SRW futures rising 11-13 cents and KC HRW futures up 6-9 cents. MPLS spring wheat gained 8 cents in May contracts. Weather conditions improved across key wheat regions. President Trump delayed tariffs on Mexico and Canada by a month, impacting trade. May CBOT Wheat closed at $5.48 1/4, up 11 1/2 cents.
Wheat was in recovery mode on Wednesday with strength across the three exchanges. Chicago SRW futures were 11 to 13 cents higher on the day. KC HRW futures were up 6 to 9 cents so far across most front months. MPLS spring wheat was up 8 cents in the May contract, as March is thin and in deliveries.
President Trump is delaying part of the tariffs on Mexico and Canada by a month, with an exemption for auto under the condition they comply with the USMCA trade agreement.
After a wetter past few days in parts of SRW country and the eastern half of the Plains, the next week is looking a little drier for much of KS, and portions of OK and Southern TX. Lighter precip totals are seen in parts of northern TX and southern OK, with heavier totals near the Texarkana area.
Mar 25 CBOT Wheat closed at $5.30 3/4, up 12 1/4 cents,
May 25 CBOT Wheat closed at $5.48 1/4, up 11 1/2 cents,
Mar 25 KCBT Wheat closed at $5.42 1/4, down 5 1/4 cents,
May 25 KCBT Wheat closed at $5.57, up 8 1/2 cents,
Mar 25 MGEX Wheat closed at $5.72 1/2, down 3 1/2 cents,
May 25 MGEX Wheat closed at $5.88, up 8 cents.
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Source : BarChart
