Wheat Continues Weak Streak to Start Thursday

Overnight trade has the wheat complex fading lower again this morning, with SRW contracts down 6 to 8 ½ cents and HRW 2 to 4 ¾ vents lower. Spring wheat futures are steady to 1 ¾ cents lower. Futures settled the midweek session mixed, as the soft red contracts were the weakest. Chicago was mostly steady to 1 ¾ cents lower. MPLS spring wheat contracts ended the day with gains of 3 to 7 ¼ cents. Kansas City HRW contracts were 4 to 8 cents higher at the close.

Export Sales data will be published by FAS this morning, as the trade is expecting to see 200,000 to 525,000 MT in 23/24 wheat sales during the week of 8/10.

Russia has continued to attack Ukrainian grain facilities on the Danube river, trying to further reduce Ukraine exports to Romania and other destinations. Ukraine prices are under significant pressure with harvest well underway and limited capacity to export.  With Ukraine export flow  limited, Russia is shipping wheat aggressively and appears to be trying to work export asking prices higher. 

Sep 23 CBOT Wheat  closed at $5.97 3/4, down 3/4 cent, currently down 8 ½ cents

Dec 23 CBOT Wheat  closed at $6.23, down 3/4 cent, currently down 7 ¼ cents

Cash SRW Wheat  was $5.30 1/1, down 3/4 cent,

Sep 23 KCBT Wheat  closed at $7.43, up 5 1/2 cents, currently down 2 ¾ cents

Cash HRW Wheat  was $6.81 5/8, up 5 1/2 cents,

Sep 23 MGEX Wheat  closed at $7.91, up 4 1/2 cents, currently down 1 ¾ cents