Wheat Back to Lower Trade at Midday

Wheat is fading the early morning strength, as contracts are down across the three exchanges. Chicago SRW futures are down 2 to 3 cents in the front months. KC HRW is down 4 to 6 cents at midday. MPLS spring wheat is 2 to 4 cents lower.  

All wheat export sales were tallied at 339,925 MT during the week of August 8, in the middle of the 200,000 and 500,000 MT estimates in this morning’s Export Sales report. The largest buyer was Mexico at 126,000 MT.

International Grains Council updates from this morning showed their world wheat production estimate at 799 MMT, a 2 MMT cut from the previous estimate. Consumption was raised by 1 MMT as stocks were down 3 MMT to 266 MMT. 

Algeria purchased 500,000 MT of durum wheat in their tender on Thursday.

Sep 24 CBOT Wheat  is at $5.32, down 2 3/4 cents,

Dec 24 CBOT Wheat  is at $5.52 3/4, down 3 1/2 cents,

Sep 24 KCBT Wheat  is at $5.41, down 5 1/4 cents,

Dec 24 KCBT Wheat  is at $5.56, down 5 1/4 cents,

Sep 24 MGEX Wheat  is at $5.89 3/4, down 2 1/4 cents,

Dec 24 MGEX Wheat  is at $6.05 1/2, down 3 1/4 cents,