The wheat markets put together some strength on Thursday, as contracts were mostly higher. Chicago was the weakest, with nearby May closing down ¼, but other contracts up ¾ to 2 ¼ cents. Kansas City was up 1 ½ to 6 ¼ cents at the close. Minneapolis spring wheat futures were steady to 5 ½ cents higher.
USDA’s weekly Export Sales report showed wheat with the second net reduction for the MY, with net cancellations of 93,556 MT. Much of that was due to a net cancellation of 123,700 MT for China and 48,000 MT for unknown destinations. New crop was a 3-week low at 222,016 MT.
Japan purchased 94,612 T of wheat from the US and Canada in their weekly MOA tender, with 34,272 MT US specific.
An update to the International Grains Council showed a slightly lower world production total for 24/25 at 798 MMT. The carryout for new crop is 259 MMT, down 3, with the 23/24 ending stocks figure at 264 MMT.
May 24 CBOT Wheat closed at $5.36 3/4, down 1/4 cent,
Jul 24 CBOT Wheat closed at $5.53, up 3/4 cent,
May 24 KCBT Wheat closed at $5.77 1/4, up 4 1/2 cents,
Jul 24 KCBT Wheat closed at $5.75 1/4, up 6 1/4 cents,
Jul 24 MGEX Wheat closed at $6.43, up 3 3/4 cents,
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