Wheat is trading with Thursday morning losses across the three markets. The wheat complex posted losses across the three markets on Wednesday. Chicago SRW futures were down 6 ¾ to 11 ¼ cents across the board on the midweek session. Open interest suggested some longs coming out, down 1,055 contracts. KC HRW futures pulled off the early lows with contracts closing 1 to 3 cents on the day. Open interest suggested modest new selling interest, up 2,771 contracts. There were 5 delivery notices against May CBT wheat overnight, with 35 for May KC wheat. MPLS spring wheat saw losses of 3 to 5 ¼ cents on Wednesday. Crude oil was the pressure factor, falling $6.06 on the day on easing US/Iran tensions.
USDA’s Export Sales report will be released on Thursday morning, with traders looking for old crop wheat sales to total 100,000 to 300,000 MT in the week of 4/30. New crop sales are expected to be in a range of 0-250,000 MT.
