Wheat Drops on Thursday
The wheat complex saw losses on Thursday, with Chicago down 9 ¼ to 14 ¼ cents, Kansas City 7 to 13 ¼ cents, and MPLS spring wheat 7 to 14 ½ cents. Kansas Wheat Harvest Reports showed yields of 40-70 bpa in eastern KS and 45-60 bpa in central KS. Japan bought 84,667 MT of wheat, including 29,617 MT from the US. USDA expects 200,000-500,000 MT of 2024/25 wheat sales.
The wheat complex closed with losses across the three markets on Thursday. Chicago saw losses of 9 ¼ to 14 ¼ cents across the board. Kansas City contracts were down 7 to 13 ¼ cents. MPLS spring wheat posted losses of 7 to 14 ½ cents on the day.
Day 5 of the Kansas Wheat Harvest Reports saw producers in eastern KS with 40-70 bpa average yields, improved from a year ago. Central KS yields of 45-60 bpa are in line with average, but were also noted as variable.
USDA’s weekly Export Sales report is pushed back until Friday morning and is expected to show 200,000 to 500,000 MT of 2024/25 wheat sales for the week that ended on June 13.
Japan purchased 84,667 MT of wheat in their weekly tender from Australia, Canada, and the US, with 29,617 MT US origin. IKAR went back on recent reduction of the Russian wheat crop, with a 0.5 MMT increase to 82 MMT. USDA is at 83 MMT.
Source Link: https://www.barchart.com/story/news/26950599/wheat-drops-on-thursday
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