Wheat Drops with Wednesday Weakness
The wheat markets closed the Wednesday with contracts heading towards the lows. Chicago futures were down 4 ¾ to 12 ¾ cents. Kansas City posted losses of 8 ¾ to 14 ¾ cents at the close. MPLS was the firmest of the three exchanges, but still lost 2 to 6 cents.
While there isn’t much in NOAA’s 7-day QPF for Plains moisture, CPC’s 8-14 day outlook shows above normal odds for precip across much of the US for the last week of April. Above normal temps are also expected.
USDA will release the weekly Export Sales report on Thursday. Most in the trade are expecting another light round of old crop sales as we near the end of the MY, with net reduction of 100,000 to net sales of 200,000 MT. Estimates for new crop are in a range of 150,000-400,00 MT.
May 24 CBOT Wheat closed at $5.37, down 12 3/4 cents,
Jul 24 CBOT Wheat closed at $5.52 1/4, down 12 1/2 cents,
May 24 KCBT Wheat closed at $5.72 3/4, down 14 3/4 cents,
Jul 24 KCBT Wheat closed at $5.69, down 14 cents,
Jul 24 MGEX Wheat closed at $6.39 1/4, down 5 3/4 cents,
On the date of publication, Alan Brugler did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here.