Wheat Pushes Higher on Tuesday
Wheat futures closed slightly higher Tuesday, with Chicago SRW, KC HRW, and MPLS spring wheat gaining 2-3½ cents. March CBOT wheat settled at $5.51½, up 3¼ cents. Limited precipitation is forecast for western Plains, while eastern regions may see 1-2 inches. Markets reopen Thursday, with the Export Sales report expected Friday.
The wheat market is trading close to unchanged on Tuesday’s midday. Chicago SRW futures were up 2 ½ to 3 ½ cents across the board on Tuesday. KC HRW contracts also posted gains of 2 ½ to 3 ½ cents at the close. MPLS spring wheat futures saw steady trade to 2 cent gains to close out the New Years Eve session.
The market will be closed on Wednesday, with a hard 8:30 am CST open on Thursday. The weekly Export Sales report will be published on Friday morning.
NOAA’s 7-day QPF shows very little precip expected in the western portions of the Plains in the next week, with eastern portions and SRW area expecting 1-2 inches. The 8-14 day outlook is calling for high chances of below normal temps east of the Rockies.
Mar 25 CBOT Wheat closed at $5.51 1/2, up 3 1/4 cents,
May 25 CBOT Wheat closed at $5.62 1/2, up 3 1/2 cents,
Mar 25 KCBT Wheat closed at $5.59 1/4, up 3 1/2 cents,
May 25 KCBT Wheat closed at $5.67 3/4, up 3 1/4 cents,
Mar 25 MGEX Wheat closed at $5.95 3/4, up 2 cents,
May 25 MGEX Wheat closed at $6.03 1/2, up 2 cents.
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Source : Nasdaq.com
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