Wheat Extending Higher Trade on Wednesday
As of March 25, MGEX wheat futures are trading at $6.68 3/4, up 12 1/2 cents. This increase reflects ongoing market dynamics influenced by factors such as weather conditions and geopolitical tensions affecting wheat production and supply.
Wheat is continuing its strength on the Wednesday session, with each of the three markets up by double digits. Chicago SRW futures are up 13 to 15 cents across the front months. KC HRW contracts are showing 18 to 19 cent gains on the day. MPLS spring wheat is trading 11 to 13 cents higher at midday.
Dryness in large wheat producing regions in Russian has been attributed to the recent rally.
Japan issued a tender for 137,048 MT of wheat from the usual Australia, Canada, and US origins, with 85,703 MT US specific. SovEcon trimmed their Russian wheat export projection by 0.5 MMT to 47.6 MMT for 2024/25. Egypt’s GASC has agreed in a private deal to source 3.12 MMT of wheat from Black Sea origins from November to April
Dec 24 CBOT Wheat is at $6.12, up 13 cents,
Mar 25 CBOT Wheat is at $6.34, up 14 1/2 cents,
Dec 24 KCBT Wheat is at $6.17 1/4, up 19 cents,
Mar 25 KCBT Wheat is at $6.32 1/4, up 18 3/4 cents,
Dec 24 MGEX Wheat is at $6.47 3/4, up 13 cents,
Mar 25 MGEX Wheat is at $6.68 3/4, up 12 1/2 cents
Source Link : https://www.nasdaq.com/articles/wheat-extending-higher-trade-wednesday
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