Wheat is showing 4 to 7 cent gains in early Friday action. The wheat complex was lower across the three markets on Thursday. Chicago SRW contracts were down 1 1/2 to 11 cents across the board, led by the nearbys. KC HRW futures led the charge lower for the winter wheat, with contracts down 10 to 13 ¾ cents in the front months, and 3 to 5 ½ cents lower in the deferreds. MPLS spring wheat was losses of 12 1/2 of 16 ¼ cents at the close.
Export Sales data was out on Thursday morning, with a total of 296,427 MT reported in the week of July 30. That was a 4-week high for sales, but still 59.82% below the same week last year. The Philippines was the largest buyer of 87,800 MT, with 68,700 MT sold to Mexico and 62,000 MT to Vietnam.
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NASS will release updated production data for wheat on Wednesday via the monthly Crop Production report, with analysts surveyed by Reuters looking for 1.525 bbu of wheat, an `11 mbu cut from July if realized. Winter wheat is seen down 9 mbu to 981 mbu, with spring wheat expected to slip 7 mbu to 468 mbu.
The French soft wheat crop was estimated at 31.9 MMT according the country’s farm ministry, down just 0.1 MMT from last month.
Sep 26 CBOT Wheat closed at $6.31 1/4, down 11 cents, currently up 5 1/2 cents
Dec 26 CBOT Wheat closed at $6.50 1/2, down 10 3/4 cents, currently up 5 1/4 cents
Sep 26 KCBT Wheat closed at $6.99 3/4, down 13 3/4 cents, currently up 8 cents
Dec 26 KCBT Wheat closed at $7.17 1/2, down 13 1/2 cents, currently up 7 3/4 cents
Sep 26 MIAX Wheat closed at $6.71, down 12 1/2 cents, currently up 4 cents
Dec 26 MIAX Wheat closed at $6.94 1/4, down 13 3/4 cents, currently up 4 1/2 cents
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