The wheat complex found weakness again on Thursday, again quickly fading the early session gains. Chicago contracts were down 2 to 3 cents across most contracts. Kansas City futures closed with contracts steady to 1 ¾ cents lower. MPLS spring wheat was down 1 to 6 ¼ cents in most contracts.
The final day of the Kansas HRW Wheat Quality Tour was today, with the results totaling a tour average yield of 46.5 bpa. That is well above the 30 from last year and higher than the prior 5-year average of 42.4 bpa. The total production estimate pegged the KS crop at 290.4 mbu, well above the USDA’s 267.9 from last week.
Export Sales data from this morning showed all old crop wheat sales totaling 78,459 MT in the week that ended on May 9, on the high side of what was expected. New crop wheat bookings were tallied at 304,321 MT on the low side of estimates and down 25.04% from the week prior. The Philippines was the top buyer of 122,000 MT, with 50,000 MT sold to Yemen and 46,600 MT to Japan.
Japan purchased 121,516 MT of wheat in their MOA tender this week from the US, Australia, and Canada, as 23,900 MT was US specific. EU firm Strategie Grains increased their EU soft wheat projection by 1.7 MMT to 123.5 MMT.
Jul 24 CBOT Wheat closed at $6.63 1/4, down 2 1/2 cents,
Sep 24 CBOT Wheat closed at $6.83 1/2, down 2 1/2 cents,
Jul 24 KCBT Wheat closed at $6.73 1/4, down 1 3/4 cents,
Sep 24 KCBT Wheat closed at $6.87, down 1 3/4 cents,
Jul 24 MGEX Wheat closed at $7.20 3/4, down 6 1/4 cents,
Sep 24 MGEX Wheat closed at $7.30 1/4, down 5 cents,
On the date of publication, Alan Brugler did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
