Wheat Pulling Back on Thursday Trade
Wheat trading showed midday losses across three markets on Thursday. Chicago SRW futures fell 6 to 7¼ cents, while KC HRW contracts dropped 2 to 4 cents. MPLS spring wheat was mixed, with nearby contracts near unchanged. Weekly export sales reached 443,697 MT, surpassing expectations, with Japan as the largest buyer. Current prices include Dec 24 CBOT Wheat at $6.08, down 7¼ cents.
Wheat trading with midday losses across the three markets on Thursday. Chicago SRW futures are down 6 to 7 ¼ cents across the front months. KC HRW contracts are 2 to 4 cents lower so far on the day. MPLS spring wheat is mixed at midday, with nearby contracts within ½ of unchanged.
Weekly Export Sales indicated a total of 443,697 MT of wheat sold for 2024/25 export shipments, above the 400,000 MT high end of estimates during the week that ended on September 26. That was a 3-week high and 62.44% above the same week last year. Japan was the largest buyer of 170,200 MT, with Thailand buying 63,000 MT.
Japan purchased a total of 137,048 MT of wheat from the usual Australia, Canada, and US origins overnight, with 85,703 MT US specific. Saudi Arabia is tendering for 295,000 MT of wheat for December and January delivery.
Dec 24 CBOT Wheat is at $6.08, down 7 1/4 cents,
Mar 25 CBOT Wheat is at $6.30 3/4, down 6 1/2 cents,
Dec 24 KCBT Wheat is at $6.16, down 3 1/4 cents,
Mar 25 KCBT Wheat is at $6.32, down 2 1/4 cents,
Dec 24 MGEX Wheat is at $6.49 1/2, up 1/2 cent.
Source Link : https://www.nasdaq.com/articles/wheat-pulling-back-thursday-trade
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