Wheat Held Higher on Thursday
On Thursday, the wheat market witnessed bullish activity, with Chicago contracts rising by ¾ to 3 ¾ cents. Kansas City futures also saw gains of 3 to 3 ¾ cents, while MPLS spring wheat futures remained steady to 8 ½ cents higher. Export Sales data revealed old crop sales at 41,073 MT, with new crop bookings slightly lower at 405,959 MT. USDA reports are awaited, with projections for ending stocks and production. Japan bought 114,077 MT of wheat.
The wheat complex saw the bulls holding up on Thursday. Chicago contracts were up ¾ to 3 ¾ cents on the day. Kansas City futures closed with gains of 3 to 3 ¾ cents across most contracts. MPLS spring wheat futures were steady to 8 ½ cents higher across the board.
Export Sales data showed old crop wheat sales at 41,073 MT as the we enter the last week of the MY. Bookings for new crop were slightly below the previous week at 405,959 MT in the week of May 2. The top buyer was Mexico of 123,200 MT, with 121,900 MT sold to Panama.
Ahead of the USDA reports on Friday, the 23/24 US wheat ending stocks total is expected to be left pretty much unch, with the average trade guess down 3 mbu to 695 mbu. New crop production is pegged at 1.894 bbu on average, as the carryout for 24/25 is seen at 782 mbu. On the world side, the stocks projection is expected to be cut 1.1 MMT to 257.2 MMT, with the 24/25 total estimated to be at the same 257.2 MMT.
Japan purchased 114,077 MT of wheat from US, Australia, and Canada in their weekly MOA tender, with 46,592 MT US specific.
Jul 24 CBOT Wheat closed at $6.37 1/2, up 3 1/2 cents,
Sep 24 CBOT Wheat closed at $6.57 3/4, up 2 3/4 cents,
Jul 24 KCBT Wheat closed at $6.51 3/4, up 3 1/4 cents,
Sep 24 KCBT Wheat closed at $6.64 3/4, up 3 1/4 cents,
Jul 24 MGEX Wheat closed at $7.03 3/4, up 1 cent,
Source Link : https://www.barchart.com/story/news/26106928/wheat-held-higher-on-thursday
Recommended for you
