Wheat is continuing its climb on Thursday morning, with contracts fractionally to 4 cents higher across the three exchanges. The wheat complex was in rally mode leading to the grains higher on Wednesday, with export concerns out of the Black Sea. Chicago SRW contracts were mostly 26 to 32 1/2 cents in the green at the close. Open interest was up 8,0880 contract, indicating new buying interest. KC HRW futures were 23 ¾ to 42 cents in the front months, after hitting the 45 cent limit during the session. Open interest was up 6,479 contracts. MPLS spring wheat was 22 to 27 1/4 cents higher on the day.
Russia and Ukraine continue to trade strike back and forth in the Black Sea and the Sea of Azov, with Russia striking a vessel and port infrastructure in Odesa. Ukraine struck Russian oil refineries and tankers.
The weekly USDA Export Sales report will be out on Thursday morning, as traders surveyed by Reuters are looking for between 250,000 and 600,000 MT of wheat sales during the week of July 9.
The France AgriMer estimates the French wheat exports outside the EU at 7 MMT, down 0.4 MMT from their previous number, a dn 7.4 MMT inside the EU, a 0.5 MMT reduction. French soft wheat stocks are seen at 3.65 MMT, up 0.27 MMT from their prior estimate.
Sep 26 CBOT Wheat closed at $6.79 1/4, up 34 1/4 cents, currently up 3 cents
Dec 26 CBOT Wheat closed at $6.93 1/4, up 33 1/2 cents, currently up 3 1/4 cents
Sep 26 KCBT Wheat closed at $7.21 1/4, up 43 1/4 cents, currently up 1/4 cent
Dec 26 KCBT Wheat closed at $7.34 1/4, up 41 3/4 cents, currently up 1/4 cent
Sep 26 MIAX Wheat closed at $6.86 1/2, up 27 1/2 cents, currently up 3/4 cent
Dec 26 MIAX Wheat closed at $7.08 3/4, up 29 1/2 cents, currently up 1/2 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
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