Wheat Not the Big Mover for a Change

Wheat futures were mixed at midday and remained that way into the close. Chicago SRW settled 6 ¾ to 7 ¼ lower, with MPLS spring wheat down 5 to 5 ¾. KC HRW was the bullish leg for the day, up 1 ½ to 1 3/4 .  

USDA indicated old crop wheat business was net negative 229,000 MT due to rollovers to 2024/25 shipment.  This report covered sales to May 30.  The marketing year ended on May 31, leaving one reporting day for next week. New crop sales for the week totaled 616,900 MT, exceeding pre-report ideas.

Official Census wheat exports for April were 1.925 MMT, down slightly from 2.099 MMT in March but up 33.9% vs. April 2023. China and Mexico were the largest recipients during the month.

Japan’s Ministry of Ag bought 103,767 MT of wheat from the US, Australia, and Canada, with 31,600 MT of US HRW, 22,460 MT of Aussie standard white and the rest Canadian WRS.  China’s Xinhua news agency reported that 57% of the Chinese winter wheat crop has been harvested, slightly ahead of the year ago pace. The US harvest was also running ahead of the 5 year average progress as of Sunday.

Jul 24 CBOT Wheat  closed at $6.39 1/2, down 7 1/4 cents,

Sep 24 CBOT Wheat  closed at $6.61 3/4, down 6 3/4 cents,

Jul 24 KCBT Wheat  closed at $6.78, up 1 3/4 cents,

Sep 24 KCBT Wheat  closed at $6.92, up 1 1/2 cents,

Jul 24 MGEX Wheat  closed at $7.06 3/4, down 5 3/4 cents,

Sep 24 MGEX Wheat  closed at $7.16 1/4, down 5 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.