Wheat Popping Rallying on Thursday
The wheat complex is rallying across the three markets at midday. KC HRW is showing 10 to 11 cent gains across most nearby contracts at midday. CBT futures are 11 cents higher in the front months on Thursday. MPLS spring wheat is up 6 to 7 ¼ cents across the front months at midday.
USDA showed a total of 737,831 MT of wheat sold in the week ending on July 31, with a heavy focus on HRW (414,312 MT). That exceeded analysts’ estimates of between 350,000 and 600,000 MT and was a MY high.
Another South Korean importer purchased 65,000 MT of wheat in a tender overnight, with the expected origin to be the US.
Sep 25 CBOT Wheat is at $5.19 1/2, up 11 cents,
Dec 25 CBOT Wheat is at $5.40 1/4, up 11 cents,
Sep 25 KCBT Wheat is at $5.22 1/4, up 10 3/4 cents,
Dec 25 KCBT Wheat is at $5.42, up 10 cents,
Sep 25 MGEX Wheat is at $5.76 1/4, up 7 1/4 cents,
Dec 25 MGEX Wheat is at $5.98 3/4, up 6 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.