Wheat Bulls Pull Out Double Digit Gains on Thursday
Wheat futures posted gains across the three exchanges on Thursday. Chicago SRW futures were up 14 to 16 cents in the nearbys to close out the day. KC HRW futures were 15 to 16 cents higher in the front months on the session. MPLS spring wheat was 9 to 10 cents in the green on the day. Forecasts for cold temps across the Black Sea region with little snow cover gave the market a boost.
USDA released their weekly Export Sales report this morning, showing 438,867 MT in all wheat sales for the week ending on January 30. That was in line with traders estimates of 200,000-550,000 MT. Mexico was the top buyer of 122,000 MT, with 111,000 MT sold to unknown Sales for 2025/26 were tallied at 47,296 MT, on the high end of the expected 0-50,000 MT.
Japan has purchased 96,725 MT in their weekly tender from the US and Canada, with 64,545 US specific. South Korean importers purchased a total of 30,000 MT of US and Canadian what, with 22,700 MT US specific.
Stats Canada data will be out on Friday morning, with traders estimating to see Dec 31 stocks at 23 MMT.
Mar 25 CBOT Wheat closed at $5.87 3/4, up 15 1/2 cents,
May 25 CBOT Wheat closed at $5.98 3/4, up 14 1/4 cents,
Mar 25 KCBT Wheat closed at $6.07 1/2, up 15 3/4 cents,
May 25 KCBT Wheat closed at $6.16 1/4, up 15 cents,
Mar 25 MGEX Wheat closed at $6.28 1/2, up 10 cents,
May 25 MGEX Wheat closed at $6.38, up 9 3/4 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.