Wheat futures across the major exchanges experienced modest gains on Wednesday, with Chicago SRW futures rising by up to 3 cents and KC HRW futures increasing by 2 ¼ to 3 ¼ cents. MPLS spring wheat also saw slight upticks, ranging from 1 to 2 ¼ cents. Traders are anticipating Thursday’s Export Sales data, which is expected to show old crop wheat sales between 75,000 and 250,000 metric tons for the week ending April 9, alongside similar projections for new crop sales.
The uptick in wheat prices comes amid a backdrop of increasing French soft wheat exports, estimated at 7.1 million metric tons outside the EU, with internal shipments rising slightly to 7.7 million metric tons. This shift in export dynamics, coupled with declining French ending stocks, could influence global supply perceptions and pricing strategies in the wheat market.
Market professionals should monitor the upcoming export data closely, as it may provide critical insights into demand trends and pricing momentum for wheat futures in the near term.
Source: nasdaq.com