Wheat Reverting Higher on Thursday Morning

The wheat complex is heading higher across all three exchanges this morning. They quickly faded from the early double digit gains as losses were reported across the three exchanges on Wednesday. Chicago contracts posted losses of 6 ¾ to 11 cents across the board.  Kansas City futures were down 5 ½ to 8 ¼ cents on the day. MPLS spring wheat futures closed with most relevant contracts down 6 to 7 ¾ cents. Preliminary open interest showed a rotation of ownership with KC wheat up 210 contracts and Chicago up 729 contracts.

The second day of the Kansas HRW Wheat Quality Tour showed an average yield of 42.4 bpa. That is well above the 27.6 from last year and higher than the prior 3-year average of 40.4 bpa. That took the 2-day average to 45.8 bpa, a three year high. The tour also estimated the OK crop at 33.68 bpa, with production totaling 89.27 mbu, vs the 96.2 mbu estimate from USDA last week.

Weekly Export Sales data on Thursday is expected to show net reductions of 100,000 to net sales of 100,000 MT for the 23/24 MY. New crop bookings are expected to total between 300,000 MT and 600,000 MT. 

Sep 24 CBOT Wheat  closed at $6.86, down 7 1/4 cents, currently up 10 3/4 cents

Dec 24 CBOT Wheat  closed at $7.09 1/2, down 7 3/4 cents, currently up 10 3/4 cents

Sep 24 KCBT Wheat  closed at $6.88 3/4, down 8 1/4 cents, currently up 13 cents

Dec 24 KCBT Wheat  closed at $7.09 1/2, down 8 1/4 cents, currently up 13 cents

Sep 24 MGEX Wheat  closed at $7.35 1/4, down 6 1/4 cents, currently up 8 1/4 cents