Wheat futures are trading in the red through Thursday’s midday. Chicago SRW futures are down 3 to 4 cents on the day. KC HRW is showing 5 to 6 cent losses. MPLS spring wheat is just fractionally lower so far on the day. There were 0 deliveries notices against CBT wheat overnight, with 4 issued for KC wheat.
Export Sales data showed 474,875 MT in all wheat sales for the week that ended on 9/5, which was up 39.7% from last year and in the middle of the estimates of 300,000 to 550,000 MT. Taiwan was the largest buyer of 105,400 MT, with the Philippines buying 98,900 MT and South Korea purchasing 91,200 MT.
USDA’s monthly WASDE update showed no change to the US balance sheet, with the 2024/25 US carryout left at 828 mbu. On the world side, USDA increased the stocks total by 0.6 MMT to 257.22 MMT. That was mainly caused by larger carryover due to revisions of the Canadian stocks higher. The EU production total was cut by 4 MMT, with the Ukrainian wheat output up 0.7 MMT.
The EU wheat crop was estimated at 114.4 MMT by Strategie Grains, down 10% from a year ago and 2.1 MMT below the August release. Egypt’ GASC purchased 430,000 MT of Russian wheat in a private purchase overnight, all for October shipment.
Sep 24 CBOT Wheat is at $5.63 3/4, up 5 cents,
Dec 24 CBOT Wheat is at $5.75 3/4, down 3 1/2 cents,
Sep 24 KCBT Wheat is at $5.80 3/4, up 1 cent,
Dec 24 KCBT Wheat is at $5.82, down 6 1/4 cents,
Sep 24 MGEX Wheat is at $5.89, up 6 1/2 cents,
Dec 24 MGEX Wheat is at $6.15 3/4, down 3/4 cent,
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