Wheat Closes Mixed, With Spring Wheat Pulling Out Gains
Wheat futures were mixed across the three main exchanges on Thursday, with the winter wheats feeling pressure. Chicago SRW futures ended the day with fractional to 1 cent losses. KC HRW posted losses of ¼ to 2 ¼ cents. MPLS spring wheat was up 3 ¼ to 5 ¾ cents at the close.
Export Sales data showed 474,875 MT in all wheat sales for the week that ended on 9/5, which was up 39.7% from last year and in the middle of the estimates of 300,000 to 550,000 MT. Taiwan was the largest buyer of 105,400 MT, with the Philippines buying 98,900 MT and South Korea purchasing 91,200 MT.
USDA’s monthly WASDE update showed no change to the US balance sheet, with the 2024/25 US carryout left at 828 mbu. On the world side, USDA increased the stocks total by 0.6 MMT to 257.22 MMT. That was mainly caused by larger carryover due to revisions of the Canadian stocks higher. The EU production total was cut by 4 MMT, with the Ukrainian wheat output up 0.7 MMT.
The EU wheat crop was estimated at 114.4 MMT by Strategie Grains, down 10% from a year ago and 2.1 MMT below the August release. Egypt’s GASC purchased 430,000 MT of Russian wheat in a private purchase overnight, all for October shipment.
Sep 24 CBOT Wheat closed at $5.63, up 4 1/4 cents,
Dec 24 CBOT Wheat closed at $5.78 1/2, down 3/4 cent,
Sep 24 KCBT Wheat closed at $5.78 1/2, down 1 1/4 cents,
Dec 24 KCBT Wheat closed at $5.86 1/4, down 2 cents,
Sep 24 MGEX Wheat closed at $5.94 1/4, up 11 3/4 cents,
Dec 24 MGEX Wheat closed at $6.21 3/4, up 5 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.