The wheat complex is posting midday weakness again on Friday. Chicago contracts are down 7 to 12 cents across most contracts. Kansas City futures are trading with losses of 8 to 13 cents in most months. MPLS spring wheat is down 8 to 9 ¾ cents.
The final day of the Kansas HRW Wheat Quality Tour was Thursday with a tour average yield of 46.5 bpa. That is well above the 30 from last year and higher than the prior 5-year average of 42.4 bpa. The total production estimate for the KS crop was 290.4 mbu, well above the USDA’s 267.9 from last week.
Export Sales data showed all old crop wheat sales totaling 78,459 MT in the week that ended on May 9, on the high side of what was expected. New crop wheat bookings were tallied at 304,321 MT on the low side of estimates and down 25.04% from the week prior. The Philippines was the top buyer of 122,000 MT, with 50,000 MT sold to Yemen and 46,600 MT to Japan.
Jul 24 CBOT Wheat is at $6.51 3/4, down 11 3/4 cents,
Sep 24 CBOT Wheat is at $6.72 3/4, down 10 3/4 cents,
Jul 24 KCBT Wheat is at $6.61, down 12 1/4 cents,
Sep 24 KCBT Wheat is at $6.75, down 12 cents,
Jul 24 MGEX Wheat is at $7.11, down 9 3/4 cents,
Sep 24 MGEX Wheat is at $7.22, down 8 1/4 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 Barchart Disclosure Policy here.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
