Wheat Showing Strength on Thursday
Wheat futures are seeing mixed trade Thursday. Chicago SRW is up 1–3 cents, with 80 delivery notices against May. Kansas City HRW is uneven—May up 7 cents, July down ½ cent. MPLS spring wheat gained 2–3 cents. Export sales rebounded to 75,005 MT, with new crop sales at 238,300 MT. Rain is forecast across Southern Plains next week.
The wheat complex is trading with mixed action on Thursday, as contracts are trying to posting some strength. Chicago SRW futures are up 1 to 3 cents. There were 80 delivery notices against May wheat overnight. Kansas City HRW contracts is mixed, with may up 7 and July down ½ cents. Preliminary open interest was up 3,720 contracts on Thursday, with 249 deliveries against May overnight. MPLS spring wheat is up 2 to 3 cents.
Export Sales data was tallied at 75,005 MT for the week of 4/24, back up from the week prior’s net reduction and in the range of 200,000 MT in net reductions to 300,000 MT. Thailand was the buyer of 58,000 MT, with 39,000 MT sold to Nigeria. New crop sales were tallied at 238,300 MT, in the middle of the expected 100,000 to 400,000 MT range. South Korea was the buyer of 58,000 MT with 49,600 MT sold to unknown.
Precipitation is expected to make its way across parts of the Southern Plains over the next couple days. Another round of showers are forecast for the TX panhandle to western KS into early next week according to NOAA.
May 25 CBOT Wheat is at $5.18 1/2, up 5 1/2 cents,
Jul 25 CBOT Wheat is at $5.32 1/4, up 1 1/2 cents,
May 25 KCBT Wheat is at $5.21 1/4, up 7 cents,
Jul 25 KCBT Wheat is at $5.29, down 1/2 cent,
May 25 MGEX Wheat is at $6.16 1/2, up 2 1/2 cents,
Jul 25 MGEX Wheat is at $5.99, up 2 cents,
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Source : Nasdaq.com
