Wheat is showing some continued weakness on Thursday AM, with contracts heading lower. Futures saw weakness across the three exchanges on Wednesday. Chicago SRW futures were down 9 to 13 ¼ cents across most contracts. KC HRW was 8 ¼ to 9 ¾ cents across the board. MPLS spring wheat posted losses of 7 ½ to 9 ½ cents on the day. Not only were the US futures feeling pressure this morning, as French Milling Wheat Futures were heading lower on Wednesday.
Canadian railway workers went on strike at overnight, halting railroad movement across the country. This will likely also impact some US export business along the bordering states.
This morning’s Export Sales report is expected to show between 250,000 MT and 500,000 MT of sales for the week that ended on August 15, according to a Reuters survey of analysts.
South Korean importers purchased 50,000 MT of US wheat in their tender on Wednesday. Ukraine’s ag ministry has proposed an export limit of 16.2 MMT for wheat in 2024/25 for the July 1 through June 30 period. USDA’s last two MY totals for Ukraine exports (June 1 – May 31) at 17.12 and 18.4 MMT, with the current 2024/25 projection at 14 MMT.
Sep 24 CBOT Wheat closed at $5.19 3/4, down 13 1/4 cents, currently down 2 3/4 cents
Dec 24 CBOT Wheat closed at $5.44, down 12 1/2 cents, currently down 3 cents
Sep 24 KCBT Wheat closed at $5.36 1/4, down 9 3/4 cents, currently down 2 3/4 cents
Dec 24 KCBT Wheat closed at $5.51 3/4, down 9 1/2 cents, currently down 3 cents
Sep 24 MGEX Wheat closed at $5.81 1/4, down 9 cents, currently down 3 1/2 cents
Dec 24 MGEX Wheat closed at $5.97, down 9 1/2 cents, currently down 3 3/4 cents
On the date of publication, Alan Brugler did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Disclosure Policy here.
Disclaimer: The copyright of this article belongs to the original author. Reposting this article is solely for the purpose of information dissemination and does not constitute any investment advice. If there is any infringement, please contact us immediately. We will make corrections or deletions as necessary. Thank you.
