The wheat complex saw slight gains in hard red wheat on Thursday, closing with CBOT futures down 2 cents, while Kansas City contracts fell 2 to 4.25 cents. In contrast, MPLS spring wheat experienced a minor increase of up to 2 cents. A private export sale of 100,000 metric tons (MT) of hard red winter wheat to Nigeria was reported by the USDA for the current marketing year.
According to Export Sales data for the week ending July 24, a total of 592,119 MT of wheat was sold, falling within trade estimates of 300,000 to 700,000 MT. This figure marked a decrease from the previous week but was still the second largest for the marketing year, with unknown destinations being the top buyer at 196,600 MT, followed by 82,000 MT sold to the Philippines.
On the trading front, the following wheat futures closed on September 25: CBOT at $5.23.25 (down 0.5 cents), KCBT at $5.26.25 (up 4.25 cents), and MGEX at $5.78.75 (up 0.5 cents).
