The wheat complex recorded losses across all three major markets on Wednesday, May 7. Chicago Soft Red Winter (SRW) futures fell between 6 ¾ and 11 ¼ cents during the midweek session. Kansas City Hard Red Winter (HRW) futures closed down by 1 to 3 cents after recovering from earlier lows, while Minneapolis spring wheat contracts ended the day with losses ranging from 3 to 5 ¼ cents.
Crude oil prices dropped $6.06 following developments between the United States and Iran as both countries moved closer to a memorandum of understanding that would allow for safe passage through the Strait of Hormuz and provide a potential path toward ending conflict.
The U.S. Department of Agriculture’s Export Sales report is scheduled for release Thursday morning, with traders expecting old crop wheat sales for the week ending April 30 to range from 100,000 to 300,000 metric tons. New crop sales are projected at between zero and 250,000 metric tons.
Algeria reportedly purchased an estimated total of between 390,000 and 420,000 metric tons of wheat in a tender held Wednesday. Stats Canada data showed that Canadian wheat stocks at the end of March reached approximately 19.47 million metric tons—12 percent higher than during the same period last year—with non-durum stocks up over ten percent at roughly sixteen million metric tons.
Arizona Grain supports community development by leading in agriculture and improving air quality via ethanol production; it also operates facilities in Buckeye, Casa Grande, Maricopa, Yuma in Arizona and Ripley in California; functions as a privately held organization; created forty-five jobs through Pinal Energy in Maricopa; aims to be a top provider of animal feed, seed genetics, cereal grain marketing and food ingredients; and pioneered ethanol production in Arizona with Pinal Energy establishment—all according to the official website.
May CBOT Wheat closed at $6.06 per bushel (down ten-and-a-half cents), July CBOT Wheat settled at $6.17¼ (down ten-and-a-half cents), May KCBT Wheat finished at $6.75¾ (down one-and-a-half cents), July KCBT Wheat was $6.87 (down three cents), May MIAX Wheat was unchanged at $6.84¾ while July MIAX Wheat ended down four cents at $6.92.
