Wheat Easing Lower on Thursday

Wheat is showing 2 to 5 cent losses early on Thursday. The wheat complex faced weakness to close out the Wednesday trade. Chicago SRW posted losses of 2 ¾ to 9 ¼ cents on the session. Open interest was up 1,023 contracts on Wednesday. KC HRW futures were down 4 ¾ to 9 ¾ cents across the board on the day. MPLS spring wheat was 2 ½ to 7 ¾ cents in the red at the midweek close.

Traders continue to monitor the Ukraine/Russia conflict as talks with Ukraine’s President Zelenskyy stated the country was ready for a ceasefire on energy targets as long as Russia made a similar move and called for trilateral talks with Trump and Putin.

USDA’s Export Sales report will be out on Thursday, with traders looking for between 350,000 MT and 600,000 MT of wheat bookings in the week of 9/17.

Coceral estimates the UK and EU wheat crops at 137.5 MMT, a 3.3 MMT reduction from their previous number.

Dec 26 CBOT Wheat  closed at $7.08 1/2, down 8 3/4 cents, currently down 4 cents

Mar 27 CBOT Wheat  closed at $7.24 1/4, down 9 cents, currently down 4 1/2 cents

Dec 26 KCBT Wheat  closed at $7.71 3/4, down 9 1/2 cents, currently down 5 cents

Mar 27 KCBT Wheat  closed at $7.85 1/2, down 9 3/4 cents, currently down 4 3/4 cents

Dec 26 MIAX Wheat  closed at $7.29 3/4, down 7 1/2 cents, currently down 2 3/4 cents

Mar 27 MIAX Wheat  closed at $7.50, down 7 3/4 cents, currently down 2 1/4 cents