The wheat complex is showing some slight gains so far to begin the Friday session. Futures closed out the Thursday session with gains across all three exchanges. Chicago SRW futures were up 7 to 11 cents in the nearbys. There were 416 deliveries issued against September CBT wheat futures on first notice day. KC HRW was 3 to 5 cents higher in the front months at the close. MPLS spring wheat was 6 to 8 cents in the green across the nearby contracts at the final bell.
Export Sales data showed 532,079 MT of all wheat sales during the week that ended on Thursday August 22. That was the largest sales total in 6 weeks and on the high end of estimates of between 300,000 to 600,000 MT. The Philippines was the largest buyer of 97,000 MT, with 93,400 MT sold to South Korea.
All wheat export commitments have been taken to 10.023 MMT including products, which is 45% of the USDA forecast total for 2024/25 sales and lagging the 47% average pace. Total shipments from the FAS data are now 4.999 MMT, or 22% of USDA’s number and behind the 24% average.
The EU Commission estimated the EU wheat production at 116.1 MMT, down from their previous estimate of 120.8 MMT. Their export projection is or 26 MMT, a 6 MMT cut from the month prior, with stocks up 1.8 MMT from last month to 12.5 MMT.
Sep 24 CBOT Wheat closed at $5.25, up 10 3/4 cents, currently up 3 1/4 cents
Dec 24 CBOT Wheat closed at $5.48 3/4, up 7 1/4 cents, currently unch
Sep 24 KCBT Wheat closed at $5.45 1/2, up 3/4 cent, currently up 3 cents
Dec 24 KCBT Wheat closed at $5.60 1/2, up 4 3/4 cents, currently up 1/4 cents
Sep 24 MGEX Wheat closed at $5.62 1/2, up 8 cents, currently unch
Dec 24 MGEX Wheat closed at $5.90 1/2, up 6 3/4 cents, currently up 2 3/4 cents
On the date of publication, Austin Schroeder 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.
