Wheat Closes Lower After Hitting 10-Month Highs
On Wednesday, the wheat complex showed early strength but ended with losses at close. Chicago contracts hit a 10-month high overnight but dropped by 4 ½ to 7 ¾ cents. Kansas City futures fell by 2 to 4 ½ cents, while MPLS spring wheat closed with 2 to 4 ¼ cent lower trade. Wheat export sales for the 23/24 MY are expected between net reductions of 100,000 MT to net sales of 100,000 MT, with 24/25 crop sales ranging from 200,000-650,000 MT. NOAA’s 7-day outlook indicates dry conditions in much of the Southern Plains and 1-3 inches of rainfall in SRW country.
The wheat complex posted early strength on Wednesday, but quickly faded off for losses at the close. Chicago contracts hit a 10-month high in the front month continuation chart overnight, but posted losses of 4 ½ to 7 ¾ cents. Kansas City futures were down 2 to 4 ½ cents on the day. MPLS spring wheat saw contracts close with 2 to 4 ¼ cent lower trade.
All wheat export sales for the 23/24 MY are expected to be between net reductions of 100,000 MT to net sales of 100,000 MT in the week of 5/16 as we get set to round out the MY. Sales for the 24/25 crop are seen ranging from 200,000-650,000 MT.
The 7-day outlook from NOAA shows much of the Southern Plains expected to remain dry for the next week, with a good part of the SRW country receiving 1-3 inches.
Source Link: https://www.barchart.com/story/news/26393923/wheat-closes-lower-after-hitting-10-month-highs
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