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Barchart

Austin Schroeder

Wheat Showing Steady Trade Early on Thursday

Chicago SRW KC European Union

Wheat is trading with most contracts within a penny of unchanged. The wheat complex found some strength on Wednesday. Chicago SRW futures closed out the session with strength as front months were up 5 to 9 cents. Open interest suggested short covering, dropping 24,052 contracts. KC HRW futures were up 5 to 8 cents on Wednesday. MPLS spring wheat was 2 to 4 ¼ cents higher on the session.

Export Sales data from USDA will be out on Thursday morning, with traders looking for between 200,000 and 500,000 MT in old crop wheat bookings in the week of February 5. Sales for new crop are estimated to range 0-75,000 MT.

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