The wheat complex is finding some strength on Thursday with China rumors and a marketing year high in export business. Chicago SRW contracts are up 4 to 5 cents in the front months. KC HRW futures are up 1 to 2 cents at midday. MPLS spring wheat is up 5 to 6 cents on the session.

There are wire reports of China’s COFCO inquiring on US SRW wheat for import. 

Russia has reportedly permitted the first few grain vessels to pass through the Kerch Strait for the first time since July. Vessels will be accompanied by Russian naval vessels.

Export Sales data from this morning showed a marketing year high of 846,770 MT of wheat sales in the week ending on 10/22, exceeding the trade range estimates of 200,000 MT to 500,000 MT. That was 70.03% above the same week last year. Bookings for 2027/28 were tallied at 22,000 MT.

Dec 26 CBOT Wheat  is at $6.04, up 5 cents,

Mar 27 CBOT Wheat  is at $6.17 1/4, up 4 cents,

Dec 26 KCBT Wheat  is at $6.45, up 2 cents,

Mar 27 KCBT Wheat  is at $6.54 1/4, up 1 cent,

Dec 26 MIAX Wheat  is at $6.25 1/4, up 5 1/2 cents,

Mar 27 MIAX Wheat  is at $6.43, up 5 3/4 cents,

On the date of publication, Austin Schroeder did not directly have a position 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.

Disclaimer:This article represents the opinion of the author only. It does not represent the opinion of Webull, nor should it be viewed as an indication that Webull either agrees with or confirms the truthfulness or accuracy of the information. It should not be considered as investment advice from Webull or anyone else, nor should it be used as the basis of any investment decision.