Wheat futures are reverting from the overnight weakness, as most contracts are showing gains at Thursday’s midday. Chicago SRW futures are up 3 to 4 ¼ cents. KC HRW is up 3 to 4 cents, as September is the exception. MPLS spring wheat is leading the bull charge, with 4 to 7 cent gains.
Export Sales data showed 532,079 MT of all wheat sales during the week that ended on Thursday August 22. That was the largest sales total in 6 weeks and on the high end of estimates of between 300,000 to 600,000 MT. The Philippines was the largest buyer of 97,000 MT, with 93,400 MT sold to South Korea.
The EU Commission estimated the EU wheat production at 116.1 MMT, down from their previous estimate of 120.8 MMT. Their export projection is or 26 MMT, a 6 MMT cut from the week prior, with stocks up 1.8 MMT from last month to 12.5 MMT.
Sep 24 CBOT Wheat is at $5.18 1/4, up 4 cents,
Dec 24 CBOT Wheat is at $5.45 3/4, up 4 1/4 cents,
Sep 24 KCBT Wheat is at $5.44, down 3/4 cent,
Dec 24 KCBT Wheat is at $5.59, up 3 1/4 cents,
Sep 24 MGEX Wheat is at $5.61, up 6 1/2 cents,
Dec 24 MGEX Wheat is at $5.89, up 5 1/4 cents,
On the date of publication, Austin Schroeder 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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