July Chgo Wheat closed 27 ¾ cents higher ($6.76 ¼), Sept 27 cents higher ($6.79 ½) & Dec 26 ½ cents higher ($6.86 ¼)
July KC Wheat closed 27 ½ cents higher ($6.26 ¼), Sept 27 ½ cents higher ($6.33 ¾) & Dec 27 ½ cents higher ($6.45 ¼)
July Mpls Wheat closed 36 ½ cents higher ($7.17 ¼), Sept 36 ¼ cents higher ($7.23 ¾) & Dec 34 cents higher ($7.28 ½)
Weekly Wheat Export Sales – 29.5 K T. old crop vs. -75 +180 K T. expected – 373.8 K T. new crop vs. 200-600 K T. expected
Weekly wheat export sales (new crop) I thought were no big deal as they came in just short of midrange expectations. Today’s rally was all about the corn market and what looked like disappointing overnight rain for the Dakotas as the Mpls market was the clear leader among the varieties. Of course we had some technical buying in response to yesterday’s bounce even though the market finished lower on Wednesday. The HRW crop has some possible fears developing as short term forecasts suggest excessive rainfall in the soon to be harvest ready areas.
Interior cash wheat markets remain quiet for advertised standard protein. The gulf is quiet as well. Chgo spreads tighten up some in response to the day’s flat price buying. KC spreads ran unchanged on the day.
What a way to end the 9-day lower swoon. Like the rest of the grain markets wheat charts show a fair amount room to yet recover. The first decent looking resistance for July Chgo whet is up towards the $7.00-$7.05 level. July KC can recover to the $6.60-$6.70 level before running into decent looking resistance.
Daily Support & Resistance – 05/28
July Chgo Wheat: $6.64 – $6.90
July KC Wheat: $6.15 – $6.43
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