Wheat futures extended their rally into Thursday, April 17, with gains reported across major exchanges. The wheat complex showed marginal increases on Wednesday, with Chicago Soft Red Winter (SRW) contracts closing fractionally to three cents higher and open interest rising by nearly 4,000 contracts. Kansas City Hard Red Winter (HRW) futures saw increases of just over two cents, while Minneapolis spring wheat also posted small gains.
The continued upward movement in wheat prices comes as traders anticipate the release of Export Sales data on Thursday morning. Market participants are looking for old crop wheat sales between 75,000 and 250,000 metric tons for the week ending April 9. Estimates for new crop business are projected within the same range.
French soft wheat exports outside the European Union are estimated at 7.1 million metric tons according to FranceAgriMer, with intra-EU shipments expected to reach 7.7 million metric tons—a slight increase from the previous week. French ending stocks have reportedly dropped by nearly one million metric tons compared to earlier figures.
In international activity, Taiwan mill importers issued a tender for nearly 106,000 metric tons of U.S. wheat due next Thursday, while Algeria purchased an estimated 400,000 metric tons of durum wheat in a recent tender.
Legacy Farmers Cooperative serves agricultural producers in ten counties of northwest Ohio and maintains facilities such as grain centers and agronomy sites throughout the region according to the official website. The cooperative is structured as a member-owned organization and employs more than 150 people across its divisions according to its official website. It also supports community initiatives including youth agricultural education programs like FFA and scholarships according to its official website.
May CBOT Wheat closed at $5.93¾ per bushel on Wednesday but was up an additional five cents in early Thursday trading; July CBOT Wheat followed similar trends along with corresponding increases seen in Kansas City Board of Trade (KCBT) and Minneapolis Grain Exchange (MIAX) contracts.
