Wheat Pulling Back to Start Midweek Session

beautiful landscape of sunset over corn field__463x320

The wheat market is posting lower trade as we begin the midweek session. Wheat found some strength across the three exchanges on Tuesday. Chicago futures were steady to 1 ½ cents higher across most contracts. Kansas City contracts were fractionally to 3 ½ cents in the green. MPLS spring wheat was fractionally mixed across the board. 

All US wheat stocks projected for the end of the 2024/25 marketing year are seen at an average of 785 mbu, a27 mbu increase vs. the June WASDE due to the increased production potential and carryover. Production is forecasted to be raised by 40 mbu to 1.915 bbu, with most coming from higher winter wheat output. 

Japan is tendering for 107,330 MT of wheat this week from the three usual suspects, as 50,440 MT is sought from the US, with Canada and Australia making up the other 56,890 MT. French wheat production is expected to total 29.7 MMT this year, a 15.4% drop and 4 year low according to the French farm ministry.  French FOB prices have been competitive with US SRW offerings lately, while German 12 pro has been quoted cheaper. 

Jul 24 CBOT Wheat  closed at $5.54 1/4, up 1 1/4 cents, currently unch

Sep 24 CBOT Wheat  closed at $5.72, up 1 1/2 cents, currently down 3 3/4 cents

Jul 24 KCBT Wheat  closed at $5.81, up 7 1/2 cents, currently unch

Sep 24 KCBT Wheat  closed at $5.77 3/4, up 1/2 cent, currently down 5 cents

Jul 24 MGEX Wheat  closed at $6.21, unch, currently unch

Sep 24 MGEX Wheat  closed at $6.17 1/2, unch, currently down 1 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.