Wheat Gaining to Kick of Thursday Trade

Wheat prices are up anywhere from 4 to 6 cents across the three markets this morning. Futures saw losses across the three exchanges on Wednesday, fading early morning gains. Chicago SRW futures were down 4 to 5 cents in the front months on the session.  Kansas City HRW contracts were 6 to 7 cents lower. MPLS spring wheat saw losses of 5 to 7 cents in the front months on the midweek session. 

Traders surveyed by Reuters are expecting to see a total between 250,000 to 500,000 MT of wheat sold for export in the week ending on August 2.

The monthly Crop Production report will be out on Monday, with the trade showing expectations for a slight increase to all wheat production at 2.015 bbu, up from 2.008 bbu in July.

An updated estimate for EU wheat production from Strategie Grains shows a 5.8 MMT drop to their production estimate at 116.5 MMT. That was mainly due to a sizable cut to the French crop, now at 25.6 MMT and the lowest since 1986.

Sep 24 CBOT Wheat  closed at $5.38 1/4, down 5 cents, currently up 5 cents

Dec 24 CBOT Wheat  closed at $5.62, down 4 1/2 cents, currently up 5 3/4 cents

Sep 24 KCBT Wheat  closed at $5.55 1/2, down 6 cents, currently up 4 1/2 cents

Dec 24 KCBT Wheat  closed at $5.72 1/4, down 6 cents, currently up 4 1/2 cents

Sep 24 MGEX Wheat  closed at $5.85 3/4, down 6 3/4 cents, currently up 5 1/2 cents

Dec 24 MGEX Wheat  closed at $6.06 3/4, down 5 1/2 cents, currently up 5 1/2 cents