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March Wheat finished up 2 3/4 at 779 1/4, 3 3/4 off the high and 8 3/4 up from the low. May Wheat closed up 3 1/4 at 788. This was 8 1/2 up from the low and 3 off the high.
KC and Chicago wheat traded higher on the day after the release of upbeat export demand data this morning. Wheat export inspections were positive to price direction after coming in at 22.3 million bushels vs. 25.5 the week prior. Inspections needed each week to hit the USDA export estimate are at 25.5 million bushels each week and the cumulative shipment pace is running at 56% of the USDA export estimate vs. the 5 year average of 64%. The export sales and shipment pace continues to show incremental improvement each week which favors the bull camp. Some traders suggest that world demand could begin to tail off as we move through the second half of the crop year which could make it more difficult to hit the current USDA export estimate. The weather outlook for the western plains continues to show very little improvement with most of last weekend's rainfall and snow moving to the north and east of the growing region. The outlook over the next 7-10 days remains dry and very little improvement is expected.
March Oats closed down 1 3/4 at 361 1/4. This was 4 up from the low and 2 1/4 off the high.
*Disclaimer: The information in the Market Commentaries was obtained from sources believed to be reliable, but we do not guarantee its accuracy. Neither the information nor any opinion expressed therein constitutes a solicitation of the purchase or sale of any futures or options contracts.