Wheat Posts Strength on Thursday
The wheat complex posted gains on Thursday, with Chicago SRW futures up 4 to 4.5 cents, KC HRW contracts rising 4.25 to 7.25 cents, and MPLS spring wheat increasing 4.25 to 8 cents. Export sales data will be released Friday, with expectations of 250,000 to 550,000 MT for 2024/25. Taiwan purchased 78,200 MT of US wheat.
The wheat complex posted gains across the three exchanges on Thursday. Chicago SRW futures were 4 to 4 ½ cents higher on the day. KC HRW contracts were up 4 ¼ to 7 1/4 cents on the session. MPLS spring wheat rallied 4 ¼ to 8 cents higher into the close.
Export Sales data will be released on a delayed schedule for Friday morning given the Monday holiday. Traders expect to see 250,000 to 550,000 MT of all wheat sales for 2024/25 in the week that ended on 10/10, with 0 to 50,000 MT for 2025/26.
Taiwan purchased a total of 78,200 MT of US origin wheat in a tender on Thursday. International Grains Council data showed word wheat production unchanged at 798 MMT, with consumption up 1 MMT and carryout trimmed by 1 MMT to 266 MMT.
Dec 24 CBOT Wheat closed at $5.89 1/2, up 4 1/2 cents,
Mar 25 CBOT Wheat closed at $6.09 1/2, up 4 1/4 cents,
Dec 24 KCBT Wheat closed at $5.96, up 7 1/4 cents,
Mar 25 KCBT Wheat closed at $6.10, up 6 1/2 cents,
Dec 24 MGEX Wheat closed at $6.28 3/4, up 8 cents.
Source Link : https://www.nasdaq.com/articles/wheat-posts-strength-thursday
