The wheat complex are trading with contracts higher across the three exchanges on Wednesday. Chicago SRW futures are trading with 1 to 2 cent gains on the midweek session. KC HRW futures are up 2 to 3 cents on Wednesday. MPLS spring wheat is trading with 1 to 2 cent gains at midday.
The 7-day forecast from NOAA shows the western half of KS through the panhandle of TX with little to no precip. Areas further east is looking at 1 to 2 inches of precip.
Weekly Export Sales data will be out on Thursday, with old crop wheat seen in a range of 0 to 250,000 MT for the week of April 16. New crop sales are seen in a range of 100,000 to 300,000 MT.
SovEcon estimates the Russian wheat crop at 89.7 MMT, a 2.1 MMT increase from their previous number, citing favorable weather. EU soft wheat exports are seen at 19.01 MMT from July 1 to April 19 according to the EU commission, which was 1.39 MMT above the same period last year.
May 26 CBOT Wheat is at $6.06, up 1 cent,
Jul 26 CBOT Wheat is at $6.14, up 1 1/4 cents,
May 26 KCBT Wheat is at $6.45 1/2, up 2 cents,
Jul 26 KCBT Wheat is at $6.58, up 2 1/4 cents,
May 26 MIAX Wheat is at $6.66 1/2, up 1 cent,
Jul 26 MIAX Wheat is at $6.84 1/2, up 1 1/4 cents,
