Wheat futures are holding the early gains on Thursday, though some contracts are backing off at midday. Chicago futures are down 11 to 13 cents in most contracts, disregarding the thin July contract. Kansas City contracts are up 18 to 20 cents, with July thin ahead of Friday’s expiration. MPLS spring wheat are up 12 to 14 cents. 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.
The Thursday morning Export Sales report showed a drop in wheat booking of the week of July 4th, as USDA tallied just 240,351 MT. That was below the expected range of 300,000 MT to 700,000 MT. the top buyer was Thailand at 60,800 MT, with Japan purchasing 58,400 MT.
Strategie Grains increased their EU production estimate by 0.5 MMT to 122.3 MMT this morning. Japan purchased 107,330 MT of wheat in their weekly tender from Australia, Canada, and the US, with 50,440 MT US specific.
Jul 24 CBOT Wheat is at $5.61 1/4, up 17 3/4 cents,
Sep 24 CBOT Wheat is at $5.74 1/4, up 12 3/4 cents,
Jul 24 KCBT Wheat is at $6.05, up 32 cents,
Sep 24 KCBT Wheat is at $5.85 3/4, up 20 1/4 cents,
Jul 24 MGEX Wheat is at $6.21, unch,
Sep 24 MGEX Wheat is at $6.24 3/4, up 13 3/4 cents,
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