Wheat Pushing Higher on Wednesday
Wheat markets are rebounding, with Chicago SRW futures rising 3 to 5 cents, KC HRW contracts up 2 to 3 cents, and MPLS spring wheat increasing by 2 to 3 cents. Following recent rains in the Southern Plains, a drier forecast is expected. The Weekly Export Sales report is anticipated to show sales of 350,000 to 650,000 metric tons.
The wheat complex is again shrugging off overnight weakness on Wednesday, as all three markets are back to higher trade. Chicago SRW futures are up 3 to 5 cents on the day. KC HRW contracts are 2 to 3 cents higher so far on the session. MPLS spring wheat is up 2 to 3 cents so far on the day.
After rains in portions of the Southern Plains over the weekend and early in the week, the 7-day QPF from NOAA looks drier for the next week.
Weekly Export Sales data will be out on Thursday morning, with the trade looking for a range of 350,000 to 650,000 MT of 2024/25 sales and 0 to 50,000 MT in 2025/26 sales.
Dec 24 CBOT Wheat is at $5.80 3/4, up 4 3/4 cents,
Mar 25 CBOT Wheat is at $6.00, up 3 3/4 cents,
Dec 24 KCBT Wheat is at $5.88 3/4, up 2 1/4 cents,
Mar 25 KCBT Wheat is at $6.03 1/4, up 2 1/2 cents,
Dec 24 MGEX Wheat is at $6.18 3/4, up 2 1/4 cents.
Source Link : https://www.nasdaq.com/articles/wheat-pushing-higher-wednesday
