Wheat Corrects Lower with Modest Tuesday Losses

The wheat complex slipped back on Thursday, with contracts marginally lower. Chicago SRW contracts saw nearby losses of 1 to 3 cents on the day. KC HRW futures posted front month losses of 2 to 3 ½ cents on the day. MPLS spring wheat posted gains of 2 to 3 cents on Thursday.

Russia and Ukraine continue to trade punches in the Black Sea and the Sea of Azov, with Russia striking a vessel and port infrastructure in Odesa (Ukraine’s main export port). Chornomorsk in particular was seeing some grain handling restrictions. Ukraine struck Russian oil refineries and claimed hits on at least 5 oil tankers.

The weekly USDA Export Sales report was released this morning, with a total of just 235,102 MT of wheat was sold in the week ending July 9.  Pre-report estimate ran between 250,000 and 600,000 MT for wheat sales. That was the lowest for the new marketing year to date, and less than half of the same week last year. 

The France AgriMer estimates French wheat exports outside the EU will be 7 MMT, down 0.4 MMT from their previous number, with 7.4 MMT inside the EU, a 0.5 MMT reduction from previous. French soft wheat stocks are seen at 3.65 MMT, up 0.27 MMT from their prior estimate.  The International Grains Council (IGC) left its world wheat production estimate UNCH at 821 MMT on Thursday. 

Sep 26 CBOT Wheat  closed at $6.74 3/4, down 2 3/4 cents,

Dec 26 CBOT Wheat  closed at $6.91, down 1 cent,

Sep 26 KCBT Wheat  closed at $7.16 1/2, down 3 1/2 cents,

Dec 26 KCBT Wheat  closed at $7.31 1/4, down 2 cents,

Sep 26 MIAX Wheat  closed at $6.85 1/4, up 2 cents,

Dec 26 MIAX Wheat  closed at $7.09 1/2, up 3 cents,