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May Wheat finished up 5 at 699, 1 1/2 off the high and 10 up from the low. July Wheat closed up 4 3/4 at 704 1/4. This was 10 up from the low and 1 off the high.
Wheat markets traded sharply higher led by Kansas City wheat throughout the day. Plummeting temperatures are expected in areas of NE, Eastern CO, Northwest and Southwest KS, as well as OK and TX. Talk that temperatures may fall below 20 degrees for an extended period of time and create a significant amount of damage to jointing and heading wheat sparked the move higher overnight. Support was also seen after wires reported overnight that China bought up to 1 million tonnes of Chicago wheat for June-December delivery but no sales confirmations were released from the USDA. Weekly export data was positive for price direction midday with inspections for the week ending April 4th coming in at 27.2 million bushels, up from 25.7 the week prior. Shipments needed each week to hit the USDA export forecast are at 24.7 million bushels, down from 24.9 the week prior. The cumulative shipment pace is at 80% of the USDA estimate vs. the 5 year average of 81.5%.
May Oats closed up 1/2 at 359 1/2. This was 4 1/4 up from the low and 1 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.