Wheat Falls Lower on Thursday
Wheat futures ended lower Thursday, with Chicago SRW, KC HRW, and MPLS spring wheat down by 9-10 cents, 9-10 cents, and 6-7 cents, respectively. The January 9 Export Sales report showed wheat sales at 513,424 MT, exceeding estimates. The International Grains Council raised global wheat stocks to 265 MMT. March wheat closed at $5.37 1/2.
Wheat futures closed out the Thursday session with losses across the three exchanges. The Chicago SRW market was down 9 to 10 cents on the day. KC HRW posted front month losses of 9 to 10 cents as well. MPLS spring wheat futures were 6 to 7 cents in the red at the Thursday close.
The weekly Export Sales report from this morning, showed wheat sales in the week of January 9 at 513,424 MT, well above trade estimates ranging from 150,000 to 400,000 MT. That was a 3-week high and still 27.44% below the same week last year. South Korea was the top buyer of 131,800 MT, with 114,700 MT sold to Taiwan.
The International Grains Council raised their world wheat stocks estimate by 2 MMT to 265 MMT, which is still an 8 MMT reduction from last year. Strategie Grains raised their latest EU wheat production estimate by 0.6 MMT to 127.2 MMT.
Japan purchased a total of 132,888 MT of wheat for import in their latest tender from the US, Canada, and Australia, with 48,308 MT US specific.
Mar 25 CBOT Wheat closed at $5.37 1/2, down 9 1/2 cents,
May 25 CBOT Wheat closed at $5.49 1/2, down 9 1/4 cents,
Mar 25 KCBT Wheat closed at $5.48 1/4, down 9 1/4 cents,
May 25 KCBT Wheat closed at $5.58 1/2, down 9 cents,
Mar 25 MGEX Wheat closed at $5.81 1/2, down 6 cents,
May 25 MGEX Wheat closed at $5.91 1/2, down 6 1/2 cents.
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Source : BarChart
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