Wheat is trading with losses across the three markets on Friday morning, as traders square up ahead of the USDA reports. The market pulled off the highs on Thursday, but still ended the session on a strong note. Chicago futures closed with 8 to 10 ¾ cent gains. Kansas City contracts were up 9 ½ to 18 ¼ cents on Thursday, with July thin ahead of Friday’s futures expirations. MPLS spring wheat futures were up 5 to 9 cents.
The Thursday morning Export Sales report showed a drop in wheat bookings during 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.
US 2024/25 ending stocks are projected to be increased by ~30 mbu to 788 mbu in Friday’s WASDE report thanks to the larger old crop carryover shown on 6/28 and expected larger production.
Strategie Grains increased their EU production estimate by 0.5 MMT to 122.3 MMT Thursday 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 closed at $5.54 1/4, up 10 3/4 cents, currently unch
Sep 24 CBOT Wheat closed at $5.71 1/4, up 9 3/4 cents, currently down 7 ½ cents
Jul 24 KCBT Wheat closed at $5.91 1/4, up 18 1/4 cents, currently unch
Sep 24 KCBT Wheat closed at $5.83 3/4, up 18 1/4 cents, currently down 12 ½ cents
Jul 24 MGEX Wheat closed at $6.21, unch, currently unch
Sep 24 MGEX Wheat closed at $6.18 3/4, up 7 3/4 cents, currently down 9 3/4 cents
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