Wheat Rallying to Start Friday
The wheat complex is posting double digit higher trade on Friday morning. The bulls were defending well on on Thursday. Chicago contracts were up ¾ to 3 ¾ cents on the day. Kansas City futures closed with gains of 3 to 3 ¾ cents across most contracts. MPLS spring wheat futures were steady to 8 ½ cents higher across the board.
Export Sales data showed old crop wheat sales at 41,073 MT as the we enter the last week of the marketing year (MY). Bookings for new crop were slightly below the previous week at 405,959 MT in the week of May 2. The top buyer was Mexico of 123,200 MT, with 121,900 MT sold to Panama.
Ahead of the USDA reports today, the 23/24 US wheat ending stocks total is expected to be left pretty much UNCH, with the average trade guess down 3 mbu to 695 mbu. New crop production is pegged at 1.894 bbu on average, as the carryout for 24/25 is seen rising to 782 mbu. On the world side, the stocks projection is expected to be cut 1.1 MMT to 257.2 MMT, with the 2024/25 total estimated to be at the same 257.2 MMT.
Japan purchased 114,077 MT of wheat from US, Australia, and Canada in their weekly MOA tender, with 46,592 MT US specific.
Jul 24 CBOT Wheat closed at $6.37 1/2, up 3 1/2 cents, currently up 12 1/2 cents
Sep 24 CBOT Wheat closed at $6.57 3/4, up 2 3/4 cents, currently up 10 3/4 cents
Jul 24 KCBT Wheat closed at $6.51 3/4, up 3 1/4 cents, currently up 14 1/2 cents
Sep 24 KCBT Wheat closed at $6.64 3/4, up 3 1/4 cents, currently up 14 cents
Jul 24 MGEX Wheat closed at $7.03 3/4, up 1 cent, currently up 12 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.