Wheat Posts Strength on Wednesday
The wheat complex popped from mixed midday action to close with Wednesday gains across the three exchanges. Chicago SRW futures turned green into the close, with gains of 1 to 3 cents. Kansas City HRW contracts were up 5 to 7 cents on the session. MPLS spring wheat posted 7 to 8 cent gains in the front months.
Late on the Wednesday session, President Trump announced that there would be a 90-day tariff pause on the targeted countries with the exception being China. The blanket 10% tariff were left on for all countries. The new tariffs on China were raised to 125% on all imports from the country.
USDA will release Export Sales data on Thursday morning, with the trade looking for between net reductions of 100,000 MT to net sales of 400,000 MT for old crop. New crop sales are estimated to be between 0-200,000 MT.
US wheat ending stocks estimates will be updated on Thursday, as the trade is looking for 825 mbu. That would be up 6 mbu from last month if realized. World ending stocks are expected to be up 0.31 MMT to 260.39 MMT according to a Reuters survey of analysts.
May 25 CBOT Wheat closed at $5.42 1/4, up 2 1/4 cents,
Jul 25 CBOT Wheat closed at $5.55 3/4, up 1 3/4 cents,
May 25 KCBT Wheat closed at $5.68, up 6 1/2 cents,
Jul 25 KCBT Wheat closed at $5.80 1/4, up 5 1/4 cents,
May 25 MGEX Wheat closed at $6.08 3/4, up 7 3/4 cents,
Jul 25 MGEX Wheat closed at $6.21 1/2, up 7 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.