Wheat Finds Fresh Lows on Wednesday
The wheat market explored new lows for the move across several winter wheat contracts on Wednesday. Chicago futures were down 3 ½ to 10 ¾ cents across most contracts. Kansas City contracts were 8 to 12 1/2 cents in the red. MPLS spring wheat was 5 ½ to 7 cents lower.
Thursday morning’s Export Sales report is expected to show a range of 300,000 MT to 700,000 MT of wheat sold in the week of July 4th. That follows two weeks of solid bookings, as last week’s report saw 805,318 MT in sales.
All US wheat stocks projected for the end of the 2024/25 marketing year are seen at an average of 785 mbu, a 27 mbu increase vs. the June WASDE due to the increased production potential and carryover. World Ending stocks are seen as being slightly lower than the 252.3 MMT projected last month at 252.1 MMT.
South Korean importers purchased 90,000 MT of wheat from the US and Canada, with at least 50,000 MT US specific.
Jul 24 CBOT Wheat closed at $5.43 1/2, down 10 3/4 cents,
Sep 24 CBOT Wheat closed at $5.61 1/2, down 10 1/2 cents,
Jul 24 KCBT Wheat closed at $5.73, down 8 cents,
Sep 24 KCBT Wheat closed at $5.65 1/2, down 12 1/4 cents,
Jul 24 MGEX Wheat closed at $6.21, unch,
Sep 24 MGEX Wheat closed at $6.11, down 6 1/2 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.