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Wheat Sitting at 2-Month Highs
The wheat complex is continuing to rally at midday, nearing the highest prices since February. Kansas City continues to lead the charge, with gains of 13 to 17 cents. Chicago contracts are up 10 to 13 cents on the session. MPLS spring wheat is 5 to 10 ¼ cents higher. Portions of the HRW wheat country from Western Kansas down to the are expected to miss out on the widespread rain event over the next week, with minimal amounts expected. The 6-10 day forecast also calls for above normal temperatures as we get into May. Thursday morning’s weekly Export Sales report is expected to show anywhere from net reductions of 100,000 MT to net sales of 100,000 MT for old crop. New crop sales in the week of 4/18 are seen at 100,000 to 400,000 MT. May 24 CBOT Wheat is at $5.96 3/4, up 11 3/4 cents, Jul 24 CBOT Wheat is at $6.14 1/2, up 11 3/4 cents, May 24 KCBT Wheat is at $6.25 1/2, up 16 3/4 cents, Jul 24 KCBT Wheat is at $6.29 1/4, up 15 cents, Jul 24 MGEX Wheat is at $6.82 1/2, up 10 1/4 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. |
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