Wheat is trading back up by 5 to 10 cents early on Wednesday after starting the week weaker. Nearby wheat futures ended the day with 6 to 13 ½ cent losses in follow through Tuesday selling. Chicago futures were at or near their lows for the day. KC HRW closed double digits weaker with losses of over 2%. MGE spring wheat prices were down by 6 ¼ to 7 ½ cents, setting some new life of contract lows and a multi-year low (since April 2021) on the continuation charts. 

Wire sources had Saudi Arabia’s GFSA booking 795k MT of wheat via a weekend tender. Japan is set to buy 113.5k MT of wheat in a regular MOA tender from U.S., Canada, and Australia. Results are expected tonight or early Thursday. 

May 24 CBOT Wheat  is at $5.45 1/4, down 11 3/4 cents, currently up 7 cents

Jul 24 CBOT Wheat  is at $5.61 3/4, down 11 cents, currently up 7 cents

May 24 KCBT Wheat  is at $5.63 1/4, down 12 1/4 cents, currently up 10 3/4 cents

Jul 24 KCBT Wheat  is at $5.57 1/2, down 13 1/2 cents, currently up 9 1/4 cents

May 24 MGEX Wheat  is at $6.27 1/2, down 7 1/4 cents, currently up 7 1/2 cents