Wheat prices are trading lower ahead of this morning’s Export Sales report. They were mixed at the settle on Wednesday as price action shifted among the three exchanges. Chicago SRW futures led the way higher with gains of 2 to 5 cents. Kansas City HRW contracts were fractionally higher across the nearbys. However, MPLS spring wheat was down 4 to 5 cents as focus shifts from the drier weather to excellent yield estimates coming out of the spring wheat tour.
Updated Export Sales data will be released this morning, with the trade expecting to see between 300,000 and 625,000 MT of wheat sold for 2024/25 marketing year export during the week of 7/18.
The Wheat Quality Council Spring wheat and durum crop tour is underway in North Dakota and a tier of counties in South Dakota. The Day 1 tour average yield was 52.3 bpa, compared to 48.3 bpa a year ago. Tour participants indicated that the Day 2 average was 52.5 bpa for combined HRS and durum samples, with the HRS averaging 53.7 bpa. The tour wraps up later today in Fargo.
Sep 24 CBOT Wheat closed at $5.47, up 4 1/4 cents, currently down 4 3/4 cents
Dec 24 CBOT Wheat closed at $5.71, up 3 1/4 cents, currently down 4 cents
Sep 24 KCBT Wheat closed at $5.67 1/2, up 3/4 cent, currently down 7 1/2 cents
Dec 24 KCBT Wheat closed at $5.83 3/4, up 1/2 cent, currently down 8 1/4 cents
Sep 24 MGEX Wheat closed at $6.10 3/4, down 4 3/4 cents, currently down 5 1/4 cents
Dec 24 MGEX Wheat closed at $6.28 1/4, down 4 3/4 cents, currently down 4 1/2 cents
On the date of publication, Alan Brugler did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here.
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