Midweek Bounce Back for Wheat Futures

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The wheat market rallied back on Wednesday with double digit gains of as much as 3%. KC wheat, which had been pushed down the hardest to start the week, was up by 13 ½ to 17 ¼ cents. CBT SRW futures were 9 ¾ to 10 ¾ cents higher at the close. Spring wheat futures in Minneapolis were 10 ¼ to 12 cents higher on the day. 

Wire sources had Saudi Arabia’s GFSA booking 795k MT of wheat via a weekend tender. Japan is set to buy 113.5k MT of wheat in a regular MOA tender from U.S., Canada, and Australia. Results are expected tonight or early Thursday. 

May 24 CBOT Wheat  closed at $5.56, up 10 3/4 cents,

Jul 24 CBOT Wheat  closed at $5.72 1/4, up 10 1/2 cents,

May 24 KCBT Wheat  closed at $5.80 1/2, up 17 1/4 cents,

Jul 24 KCBT Wheat  closed at $5.72, up 14 1/2 cents,

May 24 MGEX Wheat  closed at $6.39 1/2, up 12 cents,

On the date of publication, Alan Brugler 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.