Sept Chgo Wheat closed 4 ¾ cents higher ($5.32), Dec 4 ¼ cents higher ($5.39 ¾) & March 4 ¼ cents higher ($5.47 ¼)
Sept KC Wheat closed 6 cents higher ($4.50 ¼), Dec 5 ¾ cents higher ($4.61 ¼) & March 5 ½ cents higher ($4.71 ¾)
Sept Mpls Wheat closed ¾ cent higher ($5.17 ¼), Dec 2 ¾ cents higher ($5.33) & March 2 ½ cents higher ($5.44)
Weekly Wheat Export Sales – old crop vs. 400-700 K T. expected – new crop vs. none expected
Wheat futures continue to maintain a modestly firm tone. Rumors continue that China is interested in US hard wheat but so far nothing has been confirmed. The trade will give the weekly export sales report close scrutiny in the morning for signs that China has indeed been buying US origin. World wheat prices continue to be firm as evidenced by Egypt’s buying yesterday paying $5-$6 per ton more vs. what they bought on the 13th. Other than all of the aforementioned I didn’t see much.
Daily Support & Resistance – 8/27
Dec Chgo Wheat: $5.30 – $5.49
Dec KC Wheat: $4.53 – $4.67
The risk of trading futures and options can be substantial. Each investor must consider whether this is a suitable investment. Past performance is not indicative of future results.