Wheat Pulls Off Lows into the Close

The wheat complex saw some late session strength on Thursday. Chicago SRW futures were fractionally to 1 ½ cents higher. KC HRW futures were 3 to 5 cents in the red at the close. MPLS spring wheat was down 2 to 3 1/2 cents on the session.

Crude oil was down 15 cents at the close as several outlets were reporting the US and Iran were coming to an agreement to open the Strait of Hormuz and extend the ceasefire.

USDA will release Export Sales data on Friday, due to the Monday holiday. Analysts are looking for old crop wheat sales to be 0 to 200,000 MT in the week of 5/21, with new crop seen 100,000-300,000 MT.

The Buenos Aires Grains Exchange estimates the Argentina wheat crop at 14.2% planted.

Jul 26 CBOT Wheat  is at $6.24, up 1 1/2 cents,

Sep 26 CBOT Wheat  is at $6.37, up 1 1/4 cents,

Jul 26 KCBT Wheat  is at $6.65 1/4, down 4 1/2 cents,

Sep 26 KCBT Wheat  is at $6.76 3/4, down 4 3/4 cents,

Jul 26 MIAX Wheat  is at $6.77 1/4, down 3 1/2 cents,

Sep 26 MIAX Wheat  is at $7.02, down 3 1/4 cents.