Wheat futures are close to unchanged on Thursday, fading the early strength, with a less than supportive Export Sales report. Chicago SRW futures are up 1 to 2 cents in the front months at midday. Kansas City HRW contracts are fractionally to 1 ¼ cents lower. MPLS spring wheat is steady to 2 cents weaker across the nearbys on the day.
Export Sales data showed just 273,980 MT of wheat sold in the week of August 1 for the current marketing year, a 5-week low for sales and on the low end of estimates. The top buyer was Taiwan at 105,700 MT, with Japan at 63,100 MT. There was an additional 112,000 MT sold for the 2025/26 MT.
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.
Japan purchased a total of 83,445 MT of wheat in their weekly tender from the US, Canada, and Australia, as 27,925 MT was sourced from the US.
Sep 24 CBOT Wheat is at $5.39 1/4, up 1 cent,
Dec 24 CBOT Wheat is at $5.63 3/4, up 1 3/4 cents,
Sep 24 KCBT Wheat is at $5.54 1/4, down 1 1/4 cents,
Dec 24 KCBT Wheat is at $5.71 1/2, down 3/4 cent,
Sep 24 MGEX Wheat is at $5.85 3/4, unch,
Dec 24 MGEX Wheat is at $6.05 1/2, down 1 1/4 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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