Wheat Still Higher at Midday
Despite pulling off the overnight highs by 15-20 cents across some contracts, the wheat complex is still in the green on Friday. Chicago contracts are leading the way, with 9 to 10 cent gains in the front months. MPLS is next in line, with 5 to 7 cent gains. Kansas City contracts are bringing up the rear with gains of 2 to 4 cents.
An update by the International Grains Council showed a slightly lower world production total for 24/25 at 798 MMT. The carryout for new crop is 259 MMT, down 3, with the 23/24 ending stocks figure at 264 MMT.
SovEcon’s projection for their Russian production total was down 1 MMT on Friday from the March estimate at 93 MMT. On Friday, Russia’s Ag Ministry announce they were raising the Russian wheat export tax by 6.4% to 3,443 ruble/MT (~$1/bu).
May 24 CBOT Wheat is at $5.46, up 9 1/4 cents,
Jul 24 CBOT Wheat is at $5.62 1/4, up 9 1/4 cents,
May 24 KCBT Wheat is at $5.78 1/2, up 1 1/4 cents,
Jul 24 KCBT Wheat is at $5.78 1/4, up 3 cents,
Jul 24 MGEX Wheat is at $6.49, up 6 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.
