Wheat futures are experiencing notable gains across various contracts in Thursday’s trading session, with Chicago SRW futures rising by 5 to 6 cents, while KC HRW futures lead the market with increases of 16 to 18 cents. MPLS spring wheat also shows strength, up 10 to 11 cents at midday. However, export sales data released this morning revealed that old crop wheat sales totaled only 100,318 MT, significantly below the anticipated range of 75,000 to 250,000 MT, marking a 38.68% decline from the previous week.
Despite the lower sales figures, new crop business was more robust, coming in at 131,000 MT, which aligns with market expectations. Additionally, international demand remains strong, as Taiwan seeks to import nearly 106,000 MT of U.S. wheat, and Algeria recently purchased around 400,000 MT of durum wheat.
Market professionals should note the mixed signals from export data, which may influence trading strategies. The uptick in futures prices could reflect underlying bullish sentiment, driven by ongoing global demand amid fluctuating sales figures.
Source: nasdaq.com