Wheats Rallying Back on Wednesday

Field of wheat

Front month wheat futures are recovering double digits after a weak start to the week. Chicago prices are 9 to 11 cents higher at midday. KC wheat futures are trading 11 to 15 ¼ cents higher across the front months. MGE HRS prices are 10 to 12 ¼ cents stronger at midday. 

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  is at $5.45 1/4, down 11 3/4 cents, currently up 7 cents

Jul 24 CBOT Wheat  is at $5.61 3/4, down 11 cents, currently up 7 cents

May 24 KCBT Wheat  is at $5.63 1/4, down 12 1/4 cents, currently up 10 3/4 cents

Jul 24 KCBT Wheat  is at $5.57 1/2, down 13 1/2 cents, currently up 9 1/4 cents

May 24 MGEX Wheat  is at $6.27 1/2, down 7 1/4 cents, currently up 7 1/2 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.