Wheat Sticking Close to Unchanged Early on Thursday
Wheat is closing back in on steady trade on Thursday morning after overnight weakness. The wheat complex closed out the Wednesday session with gains across the three exchanges, fading from off the midday highs. Chicago SRW futures were 3 to 4 cents in the green. Preliminary open interest was down 10,082 contracts, suggesting short covering. The Kansas City HRW market posted 4 to 5 cent gains. Wednesday’s preliminary open interest was down 963 contracts. Minneapolis spring wheat futures were up 6 to 7 cents.
The next week shows limited precip for much of the western part of the Southern Plains, with some SRW areas looking to see a wetter pattern.
Export Sales data released on Thursday morning is expected to show 2024/25 wheat business in a range of net reductions of 200,000 MT and sales of 100,000 MT. New crop wheat sales are seen between 300,000 to 700,000 MT.
SovEcon estimates the 2025 Russian wheat crop at 81 MMT, which is 1.3 MMT above the previous estimate but shy of the 82.6 MMT number for the year prior. USDA is at 83 MMT.
Jul 25 CBOT Wheat closed at $5.49 1/4, up 3 1/4 cents, currently down 1 3/4 cents
Sep 25 CBOT Wheat closed at $5.63 3/4, up 4 cents, currently down 1 1/4 cents
Jul 25 KCBT Wheat closed at $5.40 1/2, up 4 1/4 cents, currently down 1 cent
Sep 25 KCBT Wheat closed at $5.54 3/4, up 4 3/4 cents, currently down ½ cent
Jul 25 MGEX Wheat closed at $6.04 1/4, up 6 1/2 cents, currently unch cents
Sep 25 MGEX Wheat closed at $6.17, up 6 3/4 cents, currently down ½ cent
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.