The wheat complex closed the Thursday session with gains. CBT SRW settled up 5 1/4 to 11 cents in most contracts, with KC HRW contracts up 13 ¾ to 16 ½ cents. MPS spring wheat futures were 15 ½ to 17 ½ cents higher on the day.
Ahead of Friday’s USDA reports, analysts estimate new crop wheat ending stocks increasing 11 mbu to 650 mbu. The range of estimates is 607 to 676.
This morning’s weekly Export Sales report tallied wheat export bookings in the week ending August 4th at 359,165 MT. That was in the middle of the range of estimates and up 43.71% vs last week’s total. Mexico purchased 99,400 MT in that week, with South Korea buying 62,000 MT.
Strategie Grains left their 22/23 EU wheat crop at 123.3 MMT in their monthly update, but took their export estimate 1.4 MMT lower to 29 MMT.
Sep 22 CBOT Wheat closed at $8.10 3/4, up 11 cents,
Dec 22 CBOT Wheat closed at $8.26 1/4, up 10 cents,
Cash SRW Wheat was $7.57 5/8, up 11 cents,
Sep 22 KCBT Wheat closed at $8.89 1/4, up 16 1/2 cents,
Cash HRW Wheat was $8.43 1/2, up 16 1/2 cents,
Sep 22 MGEX Wheat closed at $9.21 3/4, up 15 1/2 cents,
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