The three major wheat markets are feeling weaker on Friday morning, with losses across most contracts. Wheat faded the earlier session strength on Thursday, as contracts were down across the three exchanges. Chicago SRW futures were down 6 to 7 cents in the front months. KC HRW was 7 to 9 1/4 cents lower on the session. MPLS spring wheat was 5 to 7 cents in the red.
All wheat export sales were tallied at 339,925 MT during the week of August 8, in the middle of the 200,000 and 500,000 MT estimates in Thursday morning’s Export Sales report. The largest buyer was Mexico at 126,000 MT.
International Grains Council updates from yesterday showed their world wheat production estimate at 799 MMT, a 2 MMT cut from the previous estimate. Consumption was raised by 1 MMT as stocks were down 3 MMT to 266 MMT.
Algeria purchased 500,000 MT of durum wheat in their tender on Thursday.
Sep 24 CBOT Wheat closed at $5.28 1/4, down 6 1/2 cents, currently down 1 1/2 cents
Dec 24 CBOT Wheat closed at $5.50 1/4, down 6 cents, currently down 1 1/2 cents
Sep 24 KCBT Wheat closed at $5.37, down 9 1/4 cents, currently down 1 3/4 cents
Dec 24 KCBT Wheat closed at $5.52 3/4, down 8 1/2 cents, currently down 1 3/4 cents
Sep 24 MGEX Wheat closed at $5.86 1/4, down 5 3/4 cents, currently down 2 cents
Dec 24 MGEX Wheat closed at $6.02, down 6 3/4 cents, currently unch
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.
