Wheat Futures Mixed on Thursday on Light USDA Export Sales Numbers

Chicago wheat futures saw a little bull spreading, with the front three months settling higher on Thursday.  The back months, and all deliveries for KC and MGE were in the red. HRW continues to be the weak spot, which USDA’s higher production number on Wednesday did not help. KC contracts settled ½ to 5 ½ lower. Chicago futures were 3 higher to 4 ¼ lower. MPLS spring wheat futures shed earlier gains to close1 ¼ to 2 ¼ lower. 

Harvest should continue its above average pace in the Southern Plains, with TX and OK expected to remain dry this next week. North Central KS is 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  closed at $6.20, up 3 cents,

Sep 24 CBOT Wheat  closed at $6.37 3/4, up 1 3/4 cents,

Jul 24 KCBT Wheat  closed at $6.36 3/4, down 1/2 cent,

Sep 24 KCBT Wheat  closed at $6.47 1/2, down 2 3/4 cents,

Jul 24 MGEX Wheat  closed at $6.67, down 1 1/4 cents,

Sep 24 MGEX Wheat  closed at $6.76 3/4, down 2 cents,

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