Wheat is mixed to start Friday morning trade, with Chicago leading the way higher. The wheat complex was in rally mode across all three markets on Thursday. Chicago SRW futures closed 12 to 15 cents higher on the day to lead the bull’s charge. Open interest was up 1,934 contracts. KC HRW futures were up 14 to 15 cents at the close. OI rose 2,708 contracts on Thursday. MPLS spring wheat was 8 to 10 cents in the green at the close.
Export sales data set for Friday morning is expected to show between 250,000 MT and 600,000 MT of old crop wheat sales in the week of 2/12.
Monthly International Grains Council data showed wheat stocks down 1 MMT from last month to 282 MMT, which is still 19 MMT above a year ago.
French soft wheat ratings are pegged at 88% good/excellent according to FranceAgriMer, down 3 points from last week.
Mar 26 CBOT Wheat closed at $5.59 1/2, up 12 1/2 cents, currently up 4 ½ cents
May 26 CBOT Wheat closed at $5.66 3/4, up 14 1/4 cents, currently up 3 ¼ cents
Mar 26 KCBT Wheat closed at $5.65 1/2, up 14 1/2 cents, currently up 3/4 cent
May 26 KCBT Wheat closed at $5.76 3/4, up 15 cents, currently up 1 ½ cents
Mar 26 MIAX Wheat closed at $5.83 1/2, up 8 1/2 cents, currently down ½ cent
May 26 MIAX Wheat closed at $5.95 1/2, up 9 1/2 cents, currently down ½ cent
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.
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