The wheat complex was under pressure on Wednesday, as money was coming off the table. Chicago SRW futures fell back 9 ½ to 18 3/4 cents on the session. KC HRW futures were 12 ¼ to 21 ¾ cents in the red on Wednesday. MPLS spring wheat was down 8 to 16 1/2 cents. Crude Oil closed the day down $2.51 after a post from President Trump suggested Iran is looking for a ceasefire. He is expected to address the nation later this evening, likely providing some more clarity on the next steps of the conflict. Thursday will be the last trade day for the week as the markets are off for Good Friday.
The 7-day forecast calls for heavy rains SRW country as well as the eastern portions of the Southern Plains, with the western half on the lighter side with less than a half inch expected.
Export Sales data will be released on Thursday morning, as traders are looking for between 200,000 and 500,000 MT for old crop wheat. New crop business is seen in a range of 100,00 to 300,000 MT.
May 26 CBOT Wheat closed at $5.97 1/2, down 18 3/4 cents,
Jul 26 CBOT Wheat closed at $6.08 3/4, down 17 3/4 cents,
May 26 KCBT Wheat closed at $6.13 3/4, down 21 3/4 cents,
Jul 26 KCBT Wheat closed at $6.28 1/4, down 20 1/2 cents,
May 26 MIAX Wheat closed at $6.42, down 16 1/2 cents,
Jul 26 MIAX Wheat closed at $6.57 3/4, down 16 cents,
On the date of publication, Austin Schroeder did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here.