The wheat market is mixed midway through the Thursday session, as HRW continues to be the weakspot. KC contracts are mixed, with July up ¾ cent and September down 1 ¼ cents. Chicago futures are up 3 to 5 cents at midday, led by the front months. MPLS spring wheat futures are also mixed, with July up a penny and other contracts fractionally lower.
Harvest should continue it's above average pace in the Southern Plains, with TX and OK expected to remain dry this next week, with North Central KS expecting some pecip.
Export Sales data from this morning showed just 849 MT sold for old crop in the final day of the 23/24 MY, with 78,735 MT sold in that week for new crop. Sales starting on June 1-June 6 totaled 223,942 MT for the current crop year. That was below what the trade had expected. There was an additional 115,322 MT carried over from the previous MY to this year’s book. Total commitments for this marketing year are 4.84 MMT, 27.8% above where we started last year.
In this week’s Ministry of Ag tender, Japan purchased a total of 109,126 MT of wheat from the US, Australia, and Canada, with 57,126 MT purchased from the US. Strategie Grains trimmed their production estimate for the EU wheat crop by 1.7 MMT to 121.8 MMT.
Jul 24 CBOT Wheat is at $6.21 3/4, up 4 3/4 cents,
Sep 24 CBOT Wheat is at $6.39 1/2, up 3 1/2 cents,
Jul 24 KCBT Wheat is at $6.38, up 3/4 cent,
Sep 24 KCBT Wheat is at $6.49, down 1 1/4 cents,
Jul 24 MGEX Wheat is at $6.69 1/4, up 1 cent,
Sep 24 MGEX Wheat is at $6.78 1/2, down 1/4 cent,
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