Wheat Trying To Find Buyers At Week End
Futures are trading double digits higher in Chicago and up 4 to 9 cents in the KC and MPLS following overnight trade. The wheat complex can’t seem to get out of its weak spell. Kansas City HRW futures led the way lower today, with contracts down 4 ¾ to 11 cents. Chicago SRW contracts were down 4 ¾ to 8 ¼ cents at the close. MPLS spring wheat tried to hold things together, anywhere from up a penny in 2024 contracts to 3 ¼ cents lower in nearby September.
The weekly Export Sales report revealed 359,539 MT of wheat bookings in the week ending 8/10, in the middle of the trade estimates. That was down 36.65% from last week’s MY high. Much of the sales total came via HRS at 219,484 MT, with HRW at 85,367, and SRW totaling 56,618 MT. White wheat saw a net reduction of 30,341 MT after last week’s large purchase total, with durum a MY high of 28,411 MT in sales. Export commitments of shipped and unshipped sales for all wheat are now 36% of the USDA forecast, 7% back of the average pace.
International Grains Council data form Thursday showed production across the globe unch from the July projection at 784 MMT. Ending stocks for 23/24 were down 2 MMT on larger consumption.
Sep 23 CBOT Wheat closed at $5.89 1/2, down 8 1/4 cents, currently up 13 ½ cents
Dec 23 CBOT Wheat closed at $6.15 1/4, down 7 3/4 cents, currently up 13 ¾ cents
Cash SRW Wheat was $5.22 3/4, down 8 3/4 cents,
Sep 23 KCBT Wheat closed at $7.33, down 10 cents, currently up 8 ¾ cents
Cash HRW Wheat was $6.71, down 9 5/8 cents,
Sep 23 MGEX Wheat closed at $7.87 3/4, down 3 1/4 cents, currently up 7 cents
Source Link: https://www.barchart.com/story/news/19501199/wheat-trying-to-find-buyers-at-week-enda
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