Wheat Closes Higher on Thursday
On Thursday, the wheat complex showed resilience despite a weak start. Chicago contracts closed firm, up to 5 ¼ cents higher in the front months, while back 2025/2026 months saw slight declines of 2 to 6 cents. Kansas City futures rallied later, posting steady to 11 ¼ cent gains. MPLS spring wheat rose by 2 to 8 cents. However, all wheat export sales for the 23/24 MY were just 17,852 MT, with 224,860 MT sold for the 24/25 crop. International Grains Council data revealed a 3 MMT decrease in world wheat production to 795 MMT, with consumption down by 2 MMT. Ending stock projection rose by 1 MMT to 260 MMT, but still reflects a 6 MMT reduction from last year.
The wheat complex started off weaker on Thursday, but rounded out the day with strength. Chicago contracts were firm to 5 ¼ cents higher in the front months, with back 2025/2026 months down 2 to 6 cents. Kansas City futures posted stead to 11 ¼ cent higher trade, rallying later in the day. MPLS spring wheat was up 2 to 8 cents on the Thursday session.
All wheat export sales for the 23/24 MY were just 17,852 MT as there are just 2 weeks left in the MY. Sales for the 24/25 crop were on the low end of the estimates during the week of 5/16 at 224,860 MT. That was a 5-week low. The top buyer was Mexico of 129,300 MT, with 30,000 MT sold to Brazilian buyers.
International Grains Council data showed production for the world wheat number down 3 MMT to 795 MMT. Consumption was also cut by 2 MMT, with the ending stock projection up 1 MMT from last month at 260 MMT, but still a 6 MMT reduction from last year.
Source Link: https://www.barchart.com/story/news/26421998/wheat-closes-higher-on-thursday
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