Wheat futures are up 10 to 17 cents across the three markets so far on Thursday morning. The market explored new lows for the move across several winter wheat contracts on Wednesday. Chicago futures were down 3 ½ to 10 ¾ cents across most contracts. Kansas City contracts were 8 to 12 1/2 cents in the red. MPLS spring wheat was 5 ½ to 7 cents lower.
Traders are still playing “hot potato” with July CBT wheat deliveries. Another 102 were put out overnight, to no obvious strong hands. All of the warehouse receipts are in Ohio facilities controlled by The Anderson’s. There have still been zero receipts put out against July KC HRW.
This morning’s Export Sales report is expected to show a range of 300,000 MT to 700,000 MT of wheat sold in the week of July 4th. That follows two weeks of solid bookings, as last week’s report saw 805,318 MT in sales.
All US wheat stocks projected for the end of the 2024/25 marketing year are seen at an average of 785 mbu, a 27 mbu increase vs. the June WASDE. A jump in known old crop carryover drives that upward bias. World Ending stocks are seen as being slightly lower than the 252.3 MMT projected last month, with the average public estimate at 252.1 MMT.
South Korean importers purchased 90,000 MT of wheat from the US and Canada, with at least 50,000 MT US origin.
Jul 24 CBOT Wheat closed at $5.43 1/2, down 10 3/4 cents, currently unch
Sep 24 CBOT Wheat closed at $5.61 1/2, down 10 1/2 cents, currently up 14 3/4 cents
Jul 24 KCBT Wheat closed at $5.73, down 8 cents, currently unch
Sep 24 KCBT Wheat closed at $5.65 1/2, down 12 1/4 cents, currently up 16 1/4 cents
Jul 24 MGEX Wheat closed at $6.21, unch, currently unch
Sep 24 MGEX Wheat closed at $6.11, down 6 1/2 cents, currently up 11 cents
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