Wheat Slipping Lower As Trade Gets Set to Round Out the Week

The wheat complex is starting the final trade day this week with 2 to 5 cent lower action across the three exchanges. Chicago wheat futures saw a little bull spreading, with the front three months settling higher on Thursday.  The back months, and all deliveries for KC and MGE were in the red. HRW continues to be the weak spot, which USDA’s higher production number on Wednesday did not help. KC contracts settled ½ to 5 ½ lower. Chicago futures were 3 higher to 4 ¼ lower. MPLS spring wheat futures shed earlier gains to close1 ¼ to 2 ¼ lower. 

Harvest should continue its above average pace in the Southern Plains, with TX and OK expected to remain dry this next week. North Central KS is expecting some pecip.

Export Sales data from this morning showed just 849 MT sold for old crop in the final day of the 23/24 MY, with 78,735 MT sold in that week for new crop. Sales starting on June 1-June 6 totaled 223,942 MT for the current crop year. That was below what the trade had expected. There was an additional 115,322 MT carried over from the previous MY to this year’s book. Total commitments for this marketing year are 4.84 MMT, 27.8% above where we started last year.

Strategie Grains in France trimmed their production estimate for the EU wheat crop by 1.7 MMT to 121.8 MMT.  They also expect the Russian crop to be in the 78-80 MMT range. USDA just dropped their number to 83 MMT due to the frost and freeze damage, as well as record high spring temps.

Jul 24 CBOT Wheat  closed at $6.20, up 3 cents, currently down 5 1/4 cents

Sep 24 CBOT Wheat  closed at $6.37 3/4, up 1 3/4 cents, currently down 4 3/4 cents

Jul 24 KCBT Wheat  closed at $6.36 3/4, down 1/2 cent, currently down 4 1/4 cents

Sep 24 KCBT Wheat  closed at $6.47 1/2, down 2 3/4 cents, currently down 4 cents

Jul 24 MGEX Wheat  closed at $6.67, down 1 1/4 cents, currently down 2 cents

Sep 24 MGEX Wheat  closed at $6.76 3/4, down 2 cents, currently down 2 cents