The wheat complex rallied double digits on the Wednesday session. Chicago SRW futures were 11 to 14 3/4 cents higher on the day. KC HRW futures were 18 1/4 to 23 1/4 cents in the green. MPLS spring wheat was up 11 to 13 cents at the close.
The next week looks dry for much of the Plains from NE to TX, with much of SRW country remaining dry with scattered precip. Temps are also expected to be warm this week.
Export Sales data will be released on Thursday morning, as traders are looking for 300,000 MT to 550,000 MT of wheat sales in the week of March 12. New crop business is estimated at 0-50,000 MT.
An Allendale survey estimates the US wheat acreage at 44.88 million acres, down 423,000 acres from last year. Spring wheat acreage is seen at 9.68 million acres, with durum at 2.107 million acres.
May 26 CBOT Wheat closed at $6.04 1/4, up 14 1/2 cents,
Jul 26 CBOT Wheat closed at $6.15 1/2, up 14 3/4 cents,
May 26 KCBT Wheat closed at $6.26, up 19 1/4 cents,
Jul 26 KCBT Wheat closed at $6.40 1/2, up 19 1/4 cents,
May 26 MIAX Wheat closed at $6.37 1/4, up 3 1/4 cents,
Jul 26 MIAX Wheat closed at $6.51 1/4, up 2 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.
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