Wheat is trading with 5 to 9 cent gains across the three markets on Thursday AM. The wheat complex was under pressure on Wednesday, as money was coming off the table. Chicago SRW futures fell back 9 ½ to 18 3/4 cents on the session. Open interest was up 6,719 contracts on the day. KC HRW futures were 12 ¼ to 21 ¾ cents in the red on Wednesday. MPLS spring wheat was down 8 to 16 1/2 cents. Crude Oil shot $9.50 higher in overnight trade, following President Trump’s address the nation on Wednesday that indicated 2-3 weeks more of strikes and an uncertain fate to the Strait of Hormuz. Thursday will be the last trade day for the week as the markets are off for Good Friday.
The 7-day forecast calls for heavy rains SRW country as well as the eastern portions of the Southern Plains, with the western half on the lighter side with less than a half inch expected.
Export Sales data will be released on Thursday morning, as traders are looking for between 200,000 and 500,000 MT for old crop wheat. New crop business is seen in a range of 100,00 to 300,000 MT.
May 26 CBOT Wheat closed at $5.97 1/2, down 18 3/4 cents, currently up 8 1/2 cents
Jul 26 CBOT Wheat closed at $6.08 3/4, down 17 3/4 cents, currently up 8 1/2 cents
May 26 KCBT Wheat closed at $6.13 3/4, down 21 3/4 cents, currently up 7 1/4 cents
Jul 26 KCBT Wheat closed at $6.28 1/4, down 20 1/2 cents, currently up 7 3/4 cents
May 26 MIAX Wheat closed at $6.42, down 16 1/2 cents, currently up 6 cents
Jul 26 MIAX Wheat closed at $6.57 3/4, down 16 cents, currently up 5 1/4 cents
