Double Digit Drop in Thursday Wheat Market

Wheat futures fell by double digits on Thursday. Chicago prices went home 27 1/4 to 30 1/4 cents weaker. KC HRW futures ended the session 20 3/4 to 23 3/4 cents in the red. Front month spring wheat prices faded by 9 1/4 to 15 1/2 cents. 

Weekly wheat export sales were reported as 217k MT for the week that ended 9/8. The back data during the non-reported weeks had shipments reaching 5.828 MMT for the season through 9/8. 

Going into the weekly Export Sales report traders expect wheat bookings from the week that ended 9/8 were between 200,000 and 550,000 MT. 

With incomplete French data, the EU Commission reported 7.54 MMT of wheat exports through 9/11. That is up from 7.14 MMT. 

Dec 22 CBOT Wheat  closed at $8.45, down 27 1/4 cents,

Mar 23 CBOT Wheat  closed at $8.60 1/2, down 27 1/2 cents,

Cash SRW Wheat  was $7.78 1/8, down 27 3/8 cents,

Dec 22 KCBT Wheat  closed at $9.26 1/4, down 20 3/4 cents,

Cash HRW Wheat  was $8.84 1/1, down 20 1/4 cents,

Dec 22 MGEX Wheat  closed at $9.28 3/4, down 9 1/4 cents,