Wheat Manages Modest Gains on Tuesday
Wheat markets showed resilience on Tuesday, with varied movements by the close. Chicago futures held steady to slightly higher, Kansas City saw modest gains, and MPLS spring wheat showed mixed results. Projected US wheat stocks for 2024/25 are now at 785 million bushels, up 27 million due to increased production estimates. Japan is tendering for 107,330 MT of wheat, with the US, Canada, and Australia supplying. French wheat production is forecasted to hit a four-year low at 29.7 MMT this year.
The wheat markets found some strength across the three exchanges on Tuesday, though action late in the day saw some pulling off the highs. Chicago futures were steady to 1 ½ cents higher across most contracts. Kansas City contracts were fractionally to 3 ½ cents in the green. MPLS spring wheat was fractionally mixed across the board.
All US wheat stocks projected for the end of the 2024/25 marketing year are seen at 785 mbu, 27 mbu increase on the week due to the increased production potential and carryover. Production is forecasted to be raised by 40 mbu to 1.915 bbu, with most coming from winter wheat output.
Japan is tendering for 107,330 MT of wheat this week from the three usual suspects, as 50,440 MT is sought from the US, with Canada and Australia making up the other 56,890 MT. French wheat production is expected to total 29.7 MMT this year, a 15.4% drop and 4 year low according to the French farm ministry.
Jul 24 CBOT Wheat closed at $5.54 1/4, up 1 1/4 cents,
Sep 24 CBOT Wheat closed at $5.72, up 1 1/2 cents,
Jul 24 KCBT Wheat closed at $5.81, up 7 1/2 cents,
Sep 24 KCBT Wheat closed at $5.77 3/4, up 1/2 cent,
Jul 24 MGEX Wheat closed at $6.21, unch,
Sep 24 MGEX Wheat closed at $6.17 1/2, unch,
Source Link : https://www.barchart.com/story/news/27298234/wheat-manages-modest-gains-on-tuesday
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