The wheat complex is trading steady to a penny on either side of 0 across the three exchanges on Friday morning following the overnight trade. They posted losses on Thursday, following bearish USDA data. Chicago contracts were down 6 ¾ to 7 ½ cents at the close. Kansas City HRW futures slipped 7 ¼ to 11 ¼ cents on the day. MPLS felt the most pressure of the three, with losses of 9 to 14 ¾ cents.
Export Sales data showed all wheat old crop bookings at just 80,720 MT. New crop sales, however, were on the high end, at the 2nd larger weekly total this MY of 274,390 MT. Export shipments were strong. Shipments YTD are 3% below year ago. On a separate note, Japan’s MOA purchased 121,485 MT of US, Australian, and Canadian wheat in their weekly tender, with 27,470 MT US specific.
USDA’s WASDE update had a 25 mbu hike to the US carryout number for 23/24 on a 30 mbu drop to the feed & residual use and 5 mbu fewer imports. Stocks were pegged at 698 million bushel and above the average trade estimate (690 mbu). World stocks were tightened 0.47 MMT to 258.27 MMT, mainly from a 2.1 MMT drop in Indian stocks on higher domestic use. EU stocks were up 1.52 MMT on a cut to the export figure.
May 24 CBOT Wheat closed at $5.51 3/4, down 6 3/4 cents, currently up 1 cent
Jul 24 CBOT Wheat closed at $5.66 1/4, down 7 1/4 cents, currently up 3/4 cent
May 24 KCBT Wheat closed at $5.83 1/4, down 11 1/4 cents, currently up 1 1/4 cents
Jul 24 KCBT Wheat closed at $5.78 1/2, down 9 1/4 cents, currently up 1 cent
Jul 24 MGEX Wheat closed at $6.45 1/4, down 13 3/4 cents, currently down 1/2 cent
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