Wheat Extends Gains into Wednesday’s Close
The wheat market showed gains across all futures on Wednesday. Chicago SRW futures rose by ½ to 4¼ cents, while KC HRW contracts gained 3½ to 5 cents. MPLS spring wheat increased by 1 to 3¼ cents. Upcoming reports are expected to show wheat sales between 250,000 and 550,000 MT, and the USDA’s WASDE report on Friday is anticipated to estimate all wheat ending stocks at 820 million bushels.
The wheat complex posted Wednesday gains across the three markets at the close. Chicago SRW futures were up ½ to 4 ¼ cents on the day. KC HRW contracts saw 3 ½ to 5 cent gains on the session. MPLS spring wheat was up 1 to 3 ¼ cents.
Thursday morning’s Export Sales report is expected to show 250,000 to 550,000 MT of all wheat sales for the week that ended on October 3.
USDA will release their monthly WASDE report on Friday, with the trade looking for all wheat ending stocks at 820 million bushels according to a Bloomberg poll of analysts. The range is between 788 to 846 mbu.
Algeria purchased between 510,000 and 570,000 MT of wheat in their recent tender on Wednesday, with most expected to originate from Russia.
Dec 24 CBOT Wheat closed at $5.99, up 4 1/4 cents,
Mar 25 CBOT Wheat closed at $6.22 1/4, up 4 cents,
Dec 24 KCBT Wheat closed at $6.08 3/4, up 5 cents,
Mar 25 KCBT Wheat closed at $6.25, up 4 3/4 cents,
Dec 24 MGEX Wheat closed at $6.48 1/4, up 3 1/4 cents,
Mar 25 MGEX Wheat closed at $6.68 3/4, up 2 1/2 cents
Source Link : https://www.barchart.com/story/news/28969069/wheat-extends-gains-into-wednesdays-close
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