After the long weekend, wheat opened Monday’s session with each exchange going in their own direction. Mpls was steady, Chicago higher, and KC lower. By the time the night session came to a close all three were steady to slightly higher. Early support was due to weather concerns as heavy rains were reported in the SRW wheat region as well as in the eastern regions of the HRW wheat states. Little to no rain fell in the southwest corner of KS or panhandle of OK. A sharply lower US dollar added support. Wheat faded its gains once the day session started due to pressure from economic concerns and uncertainty on the US economy.
In Tuesday’s session wheat opened the session mixed with MW steady while the winter wheat was higher. By the end of the night Chiago wheat slipped lower while MW and KC held gains. Early support came from technical buying spurred on by weather forecasts calling for continued rain for the SRW wheat region. Gains were kept in check by forecasts for rain for the driest regions of the Southern Plains. Faster than expected spring wheat planting progress pressured wheat. Selling pressure spilled over from the lower corn market.
Wheat opened Wednesday’s session higher and held onto small gains throughout the night. But selling took charge at the start of the day session. Early support came from technical buying as wheat bounced off minor support. But once the updated weather forecast was released showing chances for rain for the driest regions of the Southern Plains, wheat faded into the red. Technically wheat has been trading in a tight trading range looking for news to help break it out but so far there has been nothing to give traders a reason to come off the fence and trade wheat. Demand remains solid, but with other countries starting to show improving production potential, traders are worried export demand will once again be just outside the reach for US wheat.
On Thursday wheat opened the session mixed with Mpls lower while the winter wheat exchanges started higher. All three wheat exchanges were posting losses once the day session started. Pressure was due to reports of good rain overnight in parts of the southwest corner of KS and the panhandle of OK. Forecast calling for rain for the Southern Plains this weekend added pressure. Selling was also tied to last week’s negative export sales pace, but new crop sales were a strong 13.7 MB. Wheat was able to trim late session pressure and turn higher on the close due to spillover support from the higher corn market. KC once again slipped to a new contract low early in the session but found strength to bounce off those lows going into the close.
Target $6.65 to advance sales.
For the week, May Mpls was at $5.9125 down 15.0 cents, May Chicago was at $5.30 down 18.75 cents, May KC was at $5.38 down 19.5 cents.
Wheat Weekly Comments April 25
Wheat Weekly Comments April 25
After the long weekend, wheat opened Monday’s session with each exchange going in their own direction. Mpls was steady, Chicago higher, and KC lower. By the time the night session came to a close all three were steady to slightly higher. Early support was due to weather concerns as heavy rains were reported in the SRW wheat region as well as in the eastern regions of the HRW wheat states. Little to no rain fell in the southwest corner of KS or panhandle of OK. A sharply lower US dollar added support. Wheat faded its gains once the day session started due to pressure from economic concerns and uncertainty on the US economy.
In Tuesday’s session wheat opened the session mixed with MW steady while the winter wheat was higher. By the end of the night Chiago wheat slipped lower while MW and KC held gains. Early support came from technical buying spurred on by weather forecasts calling for continued rain for the SRW wheat region. Gains were kept in check by forecasts for rain for the driest regions of the Southern Plains. Faster than expected spring wheat planting progress pressured wheat. Selling pressure spilled over from the lower corn market.
Wheat opened Wednesday’s session higher and held onto small gains throughout the night. But selling took charge at the start of the day session. Early support came from technical buying as wheat bounced off minor support. But once the updated weather forecast was released showing chances for rain for the driest regions of the Southern Plains, wheat faded into the red. Technically wheat has been trading in a tight trading range looking for news to help break it out but so far there has been nothing to give traders a reason to come off the fence and trade wheat. Demand remains solid, but with other countries starting to show improving production potential, traders are worried export demand will once again be just outside the reach for US wheat.
On Thursday wheat opened the session mixed with Mpls lower while the winter wheat exchanges started higher. All three wheat exchanges were posting losses once the day session started. Pressure was due to reports of good rain overnight in parts of the southwest corner of KS and the panhandle of OK. Forecast calling for rain for the Southern Plains this weekend added pressure. Selling was also tied to last week’s negative export sales pace, but new crop sales were a strong 13.7 MB. Wheat was able to trim late session pressure and turn higher on the close due to spillover support from the higher corn market. KC once again slipped to a new contract low early in the session but found strength to bounce off those lows going into the close.
Target $6.65 to advance sales.
For the week, May Mpls was at $5.9125 down 15.0 cents, May Chicago was at $5.30 down 18.75 cents, May KC was at $5.38 down 19.5 cents.