Wheat Rally Put on Hold to Begin Thursday
Wheat prices are easing lower so far to begin Thursday trade. Futures closed the Wednesday session with strength across the board. Chicago SRW futures were up another 13 to 14 cents in the nearbys. There were another 220 deliveries issued for September CBT wheat overnight. KC HRW settled with 16 to 19 cent gains in the front months. MPLS spring wheat was 16 to 23 cents in the green at midday.
Wheat exports during July totaled 1.959 MMT (71.98 mbu) according to Census data. That was a 4-month high and 33.63% above June, as well as 12.6% above the same July last year.
The USDA Export Sales report will be delayed until Friday morning due to the Labor Day holiday pushing things back.
Taiwan purchased an estimated 101,700 MT of US wheat on Wednesday. Japan is tendering for 87,660 MT of wheat from the US and Canada on Thursday, with 63,730 MT US specific.
Sep 24 CBOT Wheat closed at $5.65 1/4, up 13 1/4 cents, currently down 1 1/4 cents
Dec 24 CBOT Wheat closed at $5.80 3/4, up 14 cents, currently down 8 cents
Sep 24 KCBT Wheat closed at $5.85 1/4, up 18 3/4 cents, currently down 1 1/2 cents
Dec 24 KCBT Wheat closed at $5.93, up 16 3/4 cents, currently down 6 3/4 cents
Sep 24 MGEX Wheat closed at $6.01 1/4, up 22 3/4 cents, currently unch
Dec 24 MGEX Wheat closed at $6.23 1/2, up 16 1/4 cents, currently down 3 1/4 cents
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.