Wheat futures were mixed on Thursday, with the winter wheat exchanges providing the weakness and spring wheat with the strength. Chicago futures were down 2 ¾ to 4 cents across the board. MPLS spring wheat led the way higher, up 3 ¼ to 8 ¾ cents. Kansas City contracts were in the middle with front months up ¾ to 1 ¾ cents and deferreds fractionally lower.
The weekly Export Sales report from FAS showed a total of 578,502 MT of wheat during the week of July 11. That was on the high end of the 225,000 to 600,000 MT range of estimates and more than double the week prior. South Korea bought 119,000 MT, with Mexico 92,700 MT in sales.
Japan purchased a total of 115,208 MT of wheat from the US and Canada this week, with 55,318 MT originating for the US.
An updated look at the balance sheet from the International Grains Council projections show the world wheat production up 8 MMT mo/mo at 801 MMT, with stocks expected to rise a similar amount to 269 MMT.
Sep 24 CBOT Wheat closed at $5.35 1/4, down 4 cents,
Dec 24 CBOT Wheat closed at $5.60, down 3 1/2 cents,
Sep 24 KCBT Wheat closed at $5.62 3/4, up 1 3/4 cents,
Dec 24 KCBT Wheat closed at $5.79, up 1 1/2 cents,
Sep 24 MGEX Wheat closed at $6.00 1/2, up 8 3/4 cents,
Dec 24 MGEX Wheat closed at $6.20 1/4, up 8 3/4 cents,
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