Wheat Mixed, with HRS Resuming Rally
The wheat complex is trading with fractionally mixed in the winter wheat contracts on Friday with spring wheat up 4 to 6 cents. Futures saw weaker trade action on Thursday across the three exchanges. Chicago SRW futures were down 6 ½ to 9 ¼ cents. Kansas City HRW contracts are down 3 3/4 to 6 cents. MPLS spring wheat was down another 5 ¾ to 7 cents.
Updated Export Sales data released on Thursday showed just 309,319 MT of wheat sold in the week that ended on July 18, down vs. last week. The trade was expecting to see between 300,000 and 625,000 MT of wheat sold for 2024/25 marketing year.
The Wheat Quality Council Spring wheat tour wrapped up on Thursday, finding a state average yield for spring wheat at 54.5 bpa following the three-day tour. That was a record for the event going back to 1992 and more than 7 bpa above last year and 12.5 bpa larger than the 5-year average.
The EU Commission revised their forecast for EU wheat production by 1.1 MMT lower to 120.8 MMT on Thursday, with the ending stocks expected down by 2.4 MMT to 10.7 MMT.
Sep 24 CBOT Wheat closed at $5.37 3/4, down 9 1/4 cents, currently down 3/4 cents
Dec 24 CBOT Wheat closed at $5.62 1/2, down 8 1/2 cents, currently down 3/4 cents
Sep 24 KCBT Wheat closed at $5.61 1/2, down 6 cents, currently up 1/4 cents
Dec 24 KCBT Wheat closed at $5.78, down 5 3/4 cents, currently unch
Sep 24 MGEX Wheat closed at $6.03 3/4, down 7 cents, currently up 5 1/4 cents
Dec 24 MGEX Wheat closed at $6.22, down 6 1/4 cents, currently up 4 3/4 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.