Wheat End the Thursday Session in the Red
On Thursday, the wheat market showed weakness, erasing early gains. Chicago contracts fell by 2 to 3 cents, while Kansas City futures closed steady to 1 ¾ cents lower. MPLS spring wheat saw declines of 1 to 6 ¼ cents in most contracts. The final day of the Kansas HRW Wheat Quality Tour revealed a tour average yield of 46.5 bpa, surpassing last year’s 30 and the prior 5-year average of 42.4 bpa. Export Sales data showed mixed results, with old crop sales totaling 78,459 MT and new crop bookings at 304,321 MT, down 25.04% from the previous week. The Philippines emerged as the top buyer, purchasing 122,000 MT, with additional sales to Yemen and Japan. Japan secured 121,516 MT in their MOA tender from various countries, while EU firm Strategie Grains raised their EU soft wheat projection to 123.5 MMT. Closing prices for Jul 24 CBOT Wheat stood at $6.63 1/4 (down 2 1/2 cents), Sep 24 CBOT Wheat at $6.83 1/2 (down 2 1/2 cents), Jul 24 KCBT Wheat at $6.73 1/4 (down 1 3/4 cents), Sep 24 KCBT Wheat at $6.87 (down 1 3/4 cents), Jul 24 MGEX Wheat at $7.20 3/4 (down 6 1/4 cents), and Sep 24 MGEX Wheat at $7.30 1/4 (down 5 cents).
The wheat complex found weakness again on Thursday, again quickly fading the early session gains. Chicago contracts were down 2 to 3 cents across most contracts. Kansas City futures closed with contracts steady to 1 ¾ cents lower. MPLS spring wheat was down 1 to 6 ¼ cents in most contracts.
The final day of the Kansas HRW Wheat Quality Tour was today, with the results totaling a tour average yield of 46.5 bpa. That is well above the 30 from last year and higher than the prior 5-year average of 42.4 bpa. The total production estimate pegged the KS crop at 290.4 mbu, well above the USDA’s 267.9 from last week.
Export Sales data from this morning showed all old crop wheat sales totaling 78,459 MT in the week that ended on May 9, on the high side of what was expected. New crop wheat bookings were tallied at 304,321 MT on the low side of estimates and down 25.04% from the week prior. The Philippines was the top buyer of 122,000 MT, with 50,000 MT sold to Yemen and 46,600 MT to Japan.
Japan purchased 121,516 MT of wheat in their MOA tender this week from the US, Australia, and Canada, as 23,900 MT was US specific. EU firm Strategie Grains increased their EU soft wheat projection by 1.7 MMT to 123.5 MMT.
Jul 24 CBOT Wheat closed at $6.63 1/4, down 2 1/2 cents,
Sep 24 CBOT Wheat closed at $6.83 1/2, down 2 1/2 cents,
Jul 24 KCBT Wheat closed at $6.73 1/4, down 1 3/4 cents,
Sep 24 KCBT Wheat closed at $6.87, down 1 3/4 cents,
Jul 24 MGEX Wheat closed at $7.20 3/4, down 6 1/4 cents,
Sep 24 MGEX Wheat closed at $7.30 1/4, down 5 cents,
Source Link : https://www.barchart.com/story/news/26271007/wheat-end-the-thursday-session-in-the-red
