Wheat Pulling Back on Thursday Trade
Wheat trading with midday losses across the three markets on Thursday. Chicago SRW futures are down 6 to 7 ¼ cents across the front months. KC HRW contracts are 2 to 4 cents lower so far on the day. MPLS spring wheat is mixed at midday, with nearby contracts within ½ of unchanged.
Weekly Export Sales indicated a total of 443,697 MT of wheat sold for 2024/25 export shipments, above the 400,000 MT high end of estimates during the week that ended on September 26. That was a 3-week high and 62.44% above the same week last year. Japan was the largest buyer of 170,200 MT, with Thailand buying 63,000 MT.
Japan purchased a total of 137,048 MT of wheat from the usual Australia, Canada, and US origins overnight, with 85,703 MT US specific. Saudi Arabia is tendering for 295,000 MT of wheat for December and January delivery.
Dec 24 CBOT Wheat is at $6.08, down 7 1/4 cents,
Mar 25 CBOT Wheat is at $6.30 3/4, down 6 1/2 cents,
Dec 24 KCBT Wheat is at $6.16, down 3 1/4 cents,
Mar 25 KCBT Wheat is at $6.32, down 2 1/4 cents,
Dec 24 MGEX Wheat is at $6.49 1/2, up 1/2 cent,
Mar 25 MGEX Wheat is at $6.69 1/2, down 1/2 cent,
On the date of publication, Austin Schroeder 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.
