On Thursday, the wheat market experienced significant gains, with Kansas City Hard Red Winter (KC HRW) wheat rising by 9 to 10 cents across most nearby contracts. Chicago Board of Trade (CBT) futures similarly increased by 9 to 10 cents in the front months, while Minneapolis Spring Wheat (MPLS) saw more modest gains of 2 to 5 cents.
For the week ending July 31, the USDA reported wheat sales totaling 737,831 metric tons (MT), surpassing analysts’ estimates and marking a marketing year high. Key buyers included Nigeria, with 185,900 MT, followed by Bangladesh at 165,000 MT and Mexico at 105,900 MT. Additionally, a South Korean importer purchased 65,000 MT of U.S. wheat.
Current closing prices include: Sep 25 CBOT Wheat at $5.18 1/4 (up 9 3/4 cents), Dec 25 CBOT Wheat at $5.39 (up 9 3/4 cents), Sep 25 KCBT Wheat at $5.21 1/2 (up 10 cents), and Sep 25 MGEX Wheat at $5.74 (up 5 cents).
