The wheat complex started off the Wednesday session slow, but closed with gains across the three markets. Chicago SRW futures saw 6 to 8 cent gains that the Wednesday close. Kansas City HRW contracts posted 3 to 4 cent gains at the final bell. Minneapolis spring wheat futures closed the Wednesday session with contracts 5 to 6 cents in the green.

USDA’s Export Sales report will be released on Thursday morning, with analysts’ estimates calling for 200,000 MT in net reduction to 100,00 MT in sales of the week ending on May 29 and new crop at 300,000 to 800,000 MT.

The state grain buyers for Egypt is looking to divert their origination of wheat shipments from Ukraine and Russia due to the increasing war tensions. While this doesn’t take available wheat supplies off the world market, it does signal a shift in how the world’s largest wheat importer is looking for wheat.

Heavier rain totals are expected for much of the Southern Plains and over to parts of ECB. While it may benefit some late crop improvement, it will also put a slowdown on any early harvest progress working its way north. 

Jul 25 CBOT Wheat closed at $5.43 1/4, up 7 1/4 cents,

Sep 25 CBOT Wheat closed at $5.57 1/4, up 6 3/4 cents,

Jul 25 KCBT Wheat closed at $5.40 1/2, up 3 3/4 cents,

Sep 25 KCBT Wheat closed at $5.54, up 3 1/2 cents,

Jul 25 MGEX Wheat closed at $6.23 1/2, up 5 1/2 cents,

Sep 25 MGEX Wheat closed at $6.36 1/2, up 5 1/4 cents,