Wheat Bulls Gain Ground on Thursday Morning
Wheat is trading with 3 to 5 cent gains on Thursday morning. The wheat complex saw some strength on Wednesday. CBT soft red wheat futures posted gains of 7 cents in the front months on the session. KC HRW futures saw contracts 1 to 2 cents higher across the nearbys at the close. MPLS spring wheat held on to the gains on Wednesday, with contracts up 1 to 2 cents
US prices are competitive on the world market, and recent Export Sales reports have shown the business. Traders are looking for 500,000 to 800,000 MT of wheat sales in the week that ended on August 14.
Taiwan purchased 90,200 MT of wheat from the US in a tender on Thursday. Sovecon estimates the Russian wheat crop at 85.4 MMT, a slight 0.2 MMT increase from the previous number on better crops in Siberia and Urals.
Sep 25 CBOT Wheat closed at $5.05 1/2, up 7 cents, currently up 4 1/2 cents
Dec 25 CBOT Wheat closed at $5.28 1/4, up 7 cents, currently up 4 3/4 cents
Sep 25 KCBT Wheat closed at $5.00 3/4, up 1 1/4 cents, currently up 4 cents
Dec 25 KCBT Wheat closed at $5.23 1/4, up 1 1/2 cents, currently up 3 1/4 cents
Sep 25 MGEX Wheat closed at $5.70, up 1 1/2 cents, currently up 4 3/4 cents
Dec 25 MGEX Wheat closed at $5.89, up 1 1/2 cents, currently up 3 1/2 cents
On the date of publication, Austin Schroeder 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.