The wheat complex is showing higher trade at midday on Thursday. Chicago SRW futures are up 5 to 6 cents on the day. KC HRW contracts are trading with 4 to 5 cent gains on the session. MPLS spring wheat is 2 to 3 cents higher at midday.
This morning’s Export Sales report showed a total of 433,560 MT for all wheat sales in the week that ended on October 3, in the top half of the 250,000 to 550,000 MT estimates. That was a slight drop from the week prior and well below the same week last year. Mexico was the top buyer of 101,400 MT, with the Philippines buying 60,000 MT.
USDA will release their monthly WASDE report on Friday, with the trade looking for all wheat ending stocks at 820 million bushels according to a Bloomberg poll of analysts. The range is between 788 to 846 mbu. World wheat ending stocks are projected to be down 1.3 MMT to 255.9 MMT.
Japan purchased 115,050 MT of wheat on Thursday from the US, Canada, and Australia, with 56,690 MT from the US. A Russian deputy prime minister pegged the Russian wheat crop at 83 MMT, down 1 MMT from their previous estimate.
Dec 24 CBOT Wheat is at $6.05, up 6 cents,
Mar 25 CBOT Wheat is at $6.27 3/4, up 5 1/2 cents,
Dec 24 KCBT Wheat is at $6.13 1/4, up 4 1/2 cents,
Mar 25 KCBT Wheat is at $6.29 1/2, up 4 1/2 cents,
Dec 24 MGEX Wheat is at $6.50 1/2, up 2 1/4 cents,
Mar 25 MGEX Wheat is at $6.71, up 2 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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