The wheat complex is trading with strength on your Friday morning. They found weakness again on Thursday, 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 Thursday with 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 for the KS crop was 290.4 mbu, well above the USDA’s 267.9 from last week.
Export Sales data 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, currently up 3 3/4 cents
Sep 24 CBOT Wheat closed at $6.83 1/2, down 2 1/2 cents, currently up 4 cents
Jul 24 KCBT Wheat closed at $6.73 1/4, down 1 3/4 cents, currently up 6 3/4 cents
Sep 24 KCBT Wheat closed at $6.87, down 1 3/4 cents, currently up 7 cents
Jul 24 MGEX Wheat closed at $7.20 3/4, down 6 1/4 cents, currently up 4 3/4 cents
Sep 24 MGEX Wheat closed at $7.30 1/4, down 5 cents, currently up 5 3/4 cents
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