Wheat Bulls Hold Ground on Thursday
Wheat prices ended strong on Thursday, with Chicago futures up 8-10.75 cents and Kansas City contracts up 9.5-18.25 cents. MPLS spring wheat futures rose 5-9 cents. Despite a weaker export sales report, showing a drop in wheat bookings to 240,351 MT, prices remained strong. US ending stocks are expected to increase by 30 mbu to 788 mbu in Friday’s WASDE report. Strategie Grains raised their EU production estimate by 0.5 MMT to 122.3 MMT. Japan purchased 107,330 MT of wheat in a weekly tender, with 50,440 MT from the US.
Wheat pulled off the highs on Thursday, but still ended the session on a strong note. Chicago futures closed with 8 to 10 ¾ cent gains, as July is set to expire on Friday. Kansas City contracts were up 9 ½ to 18 ¼ cents on Thursday, with July thin ahead of Friday’s expiration. MPLS spring wheat futures were up 5 to 9 cents.
The Thursday morning Export Sales report showed a drop in wheat booking of the week of July 4th, as USDA tallied just 240,351 MT. That was below the expected range of 300,000 MT to 700,000 MT. the top buyer was Thailand at 60,800 MT, with Japan purchasing 58,400 MT.
US ending stocks are projected to be increases by 30 mbu to 788 mbu in Friday’s WASDE report thanks to the larger old crop carry and expected larger production.
Strategie Grains increased their EU production estimate by 0.5 MMT to 122.3 MMT this morning. Japan purchased 107,330 MT of wheat in their weekly tender from Australia, Canada, and the US, with 50,440 MT US specific.
Jul 24 CBOT Wheat closed at $5.54 1/4, up 10 3/4 cents,
Sep 24 CBOT Wheat closed at $5.71 1/4, up 9 3/4 cents,
Jul 24 KCBT Wheat closed at $5.91 1/4, up 18 1/4 cents,
Sep 24 KCBT Wheat closed at $5.83 3/4, up 18 1/4 cents,
Jul 24 MGEX Wheat closed at $6.21, unch,
Sep 24 MGEX Wheat closed at $6.18 3/4, up 7 3/4 cents,
Source Link : https://www.barchart.com/story/news/27348250/wheat-bulls-hold-ground-on-thursday
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