Wheat futures climb at Thursday midday as Jul CBOT contract rises 11 1/2 cents to $6.11
AI Market Summary
Wheat futures strengthened intraday across CBOT, KC, and Minneapolis, supported by expectations that Friday's USDA update may reduce US wheat production estimates, particularly winter wheat. However, weekly US export sales were at the low end of estimates and sharply below last year, tempering the bullish tone. Offsetting global supply revisions were mixed, with higher Ukraine and Argentina output estimates but a trimmed EU figure.
Impact level
● Medium
Affected assets
NCCOWHEAT2USD/USDT+3.76%
AI Insight · NCCOWHEAT2USD/USDTAI Insight
● Neutral
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Wheat futures in Chicago, Kansas City and Minneapolis traded higher at Thursday midday, with the July CBOT contract up 11 1/2 cents at $6.11 per bushel. USDA weekly export sales totaled 313,103 MT, down 45.86% from the same week last year. The market is looking to Friday’s USDA update, with expectations for U.S. all-wheat production to be lowered by 17 mbu, including a 26 mbu cut for winter wheat. New-crop forecasts were raised for Ukraine and Argentina, while the EU estimate was reduced by 0.9 MMT.
