Wheat Prices Mixed, Export Sales Exceed Expectations

Wheat futures are mixed at midday, with KC fighting back from double digit losses on Wednesday, while Chicago and MPLS have leaked lower. Chicago SRW is down 2 to 3 cents, with KC up 4 to 5.  MPLS spring wheat is fractionally lower and trading both sides of UNCH. 

Weekly wheat export sales ideas were leaning negative 100,000 MT for old crop in the week ending May 30, with the marketing year ending May 31.  New crop ideas ran 200,000 to 550,000 MT. USDA indicated old crop business was net negative 229,000 MT due to rollovers to 2024/25 shipment.  New crop sales for the week totaled 616,900 MT, exceeding pre-report ideas.

Official Census wheat exports for April were 1.925 MMT, down slightly from 2.099 MMT in March but up 33.9% vs. April 2023. China and Mexico were the largest recipients during the month.

Japan’s Ministry of Ag bought 103,767 MT of wheat from the US, Australia, and Canada, with 31,600 MT of US HRW, 22,460 MT of Aussie standard white and the rest Canadian WRS.  China’s Xinhua news agency reported that 57% of the Chinese winter wheat crop has been harvested, slightly ahead of the year ago pace. The US harvest was also running ahead of the 5 year average progress as of Sunday.

Jul 24 CBOT Wheat  is at $6.44, down 2 3/4 cents,

Sep 24 CBOT Wheat  is at $6.65 3/4, down 2 3/4 cents,

Jul 24 KCBT Wheat  is at $6.81, up 4 3/4 cents,

Sep 24 KCBT Wheat  is at $6.95, up 4 1/2 cents,

Jul 24 MGEX Wheat  is at $7.11 1/4, down 1 1/4 cents,

Sep 24 MGEX Wheat  is at $7.20 3/4, down 3/4 cent,