Wheat is slipping lower so far to begin Thursday trade. Futures continued their strength on Wednesday, rallying throughout the session. Chicago SRW futures were up 15 ½ to 17 ¾ cents across the board. KC HRW contracts posted a 18 ½ to 21 cent rally across the front months on the day. MPLS spring wheat settled with 9 to 14 1/4 cent gains on the session.
Dryness in large wheat producing regions in Russian has been attributed to the recent rally. Some private reports estimate Australia has lost around 1 MMT in wheat production due to recent dryness and frosts.
Weekly Export Sales data is expected to tally 2024/25 wheat sales at 150,000 to 400,000 MT during the week that ended on September 26. Bookings for 2025/26 are seen in a range of 0 to 50,000 MT.
Japan issued a tender for 137,048 MT of wheat from the usual Australia, Canada, and US origins, with 85,703 MT US specific. SovEcon trimmed their Russian wheat export projection by 0.5 MMT to 47.6 MMT for 2024/25. Egypt’s GASC has agreed in a private deal to source 3.12 MMT of wheat from Black Sea origins from November to April
Dec 24 CBOT Wheat closed at $6.15 1/4, up 16 1/4 cents, currently down 3 3/4 cents
Mar 25 CBOT Wheat closed at $6.37 1/4, up 17 3/4 cents, currently down 3 cents
Dec 24 KCBT Wheat closed at $6.19 1/4, up 21 cents, currently down 4 1/4 cents
Mar 25 KCBT Wheat closed at $6.34 1/4, up 20 3/4 cents, currently down 4 cents
Dec 24 MGEX Wheat closed at $6.49, up 14 1/4 cents, currently down 2 cents
Mar 25 MGEX Wheat closed at $6.70, up 13 3/4 cents, currently down 1 3/4 cents
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