The wheat complex was under pressure on Wednesday as money was coming out with pressure from crude oil. Chicago SRW futures was down 13 to 17 ¾ cents in the nearbys on the day. KC HRW futures posted 7 to 12 1/4 cent lower trade into the final bell. MPLS spring wheat saw losses of 11 ¾ to 17 cents in the front months at the close. Crude oil was down $16.45 on the day following a 2-week ceasefire between Iran and the US that includes the reopening of the Strait of Hormuz.
Forecasts remain wet for the next week, with portions of the Southern Plains showing 1 to 3 inches. Western parts of KS are seen with less than a half an inch.
Export Sales data will be out on Thursday, as traders are looking for 150,000 MT to 400,000 MT in sales for the week ending on April 2.
Analysts are looking for USDA to trim the US ending stocks estimate by 8 mbu to 923 mbu in Thursday’s WASDE according to a Bloomberg survey. World stocks are expected to be up 0.4 MMT to 277.4 MMT.
A South Korean mill importer purchased 50,000 MT of wheat from the US in a tender on Wednesday.
May 26 CBOT Wheat closed at $5.80 1/4, down 17 3/4 cents,
Jul 26 CBOT Wheat closed at $5.91 1/4, down 17 cents,
May 26 KCBT Wheat closed at $5.95 1/4, down 12 1/4 cents,
Jul 26 KCBT Wheat closed at $6.12, down 11 cents,
May 26 MIAX Wheat closed at $6.24, down 17 cents,
Jul 26 MIAX Wheat closed at $6.39 3/4, down 16 1/2 cents,
