The wheat complex is heading lower at midday. They again quickly faded the early session gains today. Chicago contracts are down 5 to 8 cents across the front months. Kansas City futures are steady to 5 cents lower. MPLS spring wheat is trading with 3 to 6 cent losses.
The second day of the Kansas HRW Wheat Quality Tour showed an average yield of 42.4 bpa. That is well above the 27.6 from last year and higher than the prior 3-year average of 40.4 bpa. That took the 2-day average to 45.8 bpa, a three year high. The tour also estimated the OK crop at 33.68 bpa, with production totaling 89.27 mbu, vs the 96.2 mbu estimate from USDA 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 is at $6.57 3/4, down 8 cents,
Sep 24 CBOT Wheat is at $6.78 1/2, down 7 1/2 cents,
Jul 24 KCBT Wheat is at $6.72 3/4, down 2 1/4 cents,
Sep 24 KCBT Wheat is at $6.86 1/2, down 2 1/4 cents,
Jul 24 MGEX Wheat is at $7.21 1/4, down 5 3/4 cents,
Sep 24 MGEX Wheat is at $7.30 1/2, down 4 3/4 cents,
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