Wheat Sneaks Out Gains on Wednesday
Wheat futures saw slight gains across major exchanges on Wednesday, with Chicago SRW up 2¾ to 9 cents, KC HRW rising 1¼ to 4 cents, and MPLS spring wheat gaining 2½ to 3¼ cents. The upcoming Export Sales report is expected to show 2024/25 wheat sales between 300,000 and 600,000 MT, while Russian wheat exports are projected at 45.9 MMT for the 2024/25 marketing year, down from previous estimates. For detailed futures prices, visit the original source.
The wheat complex got some later day weakness but held gains across all three exchanges on Wednesday. Chicago SRW futures were up 2 3/4 to 9 cents on the day. KC HRW contracts were 1 1/4 to 4 cents higher across most contracts. MPLS spring wheat posted 2 ½ to 3 ¼ cent gains on the midweek session.
Ahead of the weekly Export Sales report from FAS, the trade is estimating 2024/25 sales totaling between 300,000 and 600,000 MT. Sales for 2025/26 are expected to total 0 to 75,000 MT.
Russian wheat exports are expected to be 45.9 MMT for the 2024/25 marketing year, down from the 1.7 MMT in the previous estimate from SovEcon.
Dec 24 CBOT Wheat closed at $5.73 1/4, up 2 3/4 cents,
Mar 25 CBOT Wheat closed at $5.93 1/2, up 3 cents,
Dec 24 KCBT Wheat closed at $5.75 3/4, up 1 1/2 cents,
Mar 25 KCBT Wheat closed at $5.89 3/4, up 1 1/4 cents,
Dec 24 MGEX Wheat closed at $6.09, up 2 1/2 cents.
Source Link : https://www.nasdaq.com/articles/wheat-sneaks-out-gains-wednesday
