Spring Wheat Gains on Wednesday

Midweek wheat trading mostly worked prices lower, but went home off their lows. Spring wheat futures rallied back into the black for the closing bell, ending the day up by 2 to 4 1/2 cents in the front months. SRW futures closed with 9 1/2 to 11 cent losses on the day. KC HRW went home with front month losses of 6 to 6 3/4 cents.

Weekly Export Sales estimates show analysts expect between 200,000 and 550,000 MT of wheat was sold during the week that ended 7/28. 

The European Commission saw an 11% increase yr/yr for July wheat exports to non-EU nations. Morocco remains the top destination with 430k MT of the 1.84 MMT shipped MYTD. 

Russia’s Ag Ministry reported 51 MMT of grain was reaped through 8/2 – with 44 MMT wheat specifically. 

Sep 22 CBOT Wheat  closed at $7.63 3/4, down 11 cents,

Dec 22 CBOT Wheat  closed at $7.83 1/2, down 10 1/2 cents,

Cash SRW Wheat  was $7.11, down 12 1/8 cents,

Sep 22 KCBT Wheat  closed at $8.35 1/2, down 6 3/4 cents,

Cash HRW Wheat  was $7.89 7/8, down 6 3/4 cents,

Sep 22 MGEX Wheat  closed at $8.75 1/4, up 2 cents,