The wheat complex is posting sightly higher after a round of overnight trade. Wheat continues to lead the grains bull charge this week. Kansas City futures were up 10 ¾ to 16 ¾ cents on the session. Chicago contracts were up 9 ½ to 12 cents at the close. Spring wheat futures were 9 ¼ to 13 ¼ cents higher on the MPLS exchange.

Portions of the HRW wheat country from western Kansas down to the Texas panhandle are expected to miss out on the widespread rain event over the next week in the central US, with minimal amounts expected. The 6-10 day forecast also calls for above normal temperatures as we get into May. Eastern Ukraine and parts of Russia are also seeing net declines in soil moisture over the next week, on top of already dry conditions. 

Thursday morning’s weekly Export Sales report is expected to show anywhere from net reductions of 100,000 MT to net sales of 100,000 MT for old crop. To count in the current marketing year they have to be shipped before May 31. New crop sales in the week of 4/18 are seen at 100,000 to 400,000 MT.

May 24 CBOT Wheat  closed at $5.94 1/2, up 9 1/2 cents, currently up 3 1/4 cents

Jul 24 CBOT Wheat  closed at $6.13, up 10 1/4 cents, currently up 3 1/2 cents

May 24 KCBT Wheat  closed at $6.24 1/4, up 15 1/2 cents, currently up 2 cents

Jul 24 KCBT Wheat  closed at $6.30, up 15 3/4 cents, currently up 1 1/4 cents

Jul 24 MGEX Wheat  closed at $6.85 1/2, up 13 1/4 cents, currently up 4 1/2 cents