Wheat Falls Lower on Thursday

The wheat complex saw some pressure on Thursday. Chicago SRW saw losses of 1 ½ to 5 ¼ cents at the close. KC HRW futures saw losses of 4 to 6 ½ cents at the final bell on Thursday. MPLS spring wheat was down 8 to 9 cents on the session.

USDA’s Export Sales report from this morning showed 267,553 MT of wheat sales in the week of 9/17, with shy of traders looking for between 350,000 MT and 600,000 MT. That was the 4^th lowest total for the marketing year and 50.44% below the same week last year. Mexico was the lead buyer of 113,400 MT, with 87,600 MT to Japan and 60,000 MT sold to Vietnam. 

The next 7 days shows 2 to 4 inches of rain expected from the Panhandle of TX to NE, according to NOAA’s 7-day QPF. That adds much needed soil moisture to some dry areas but does slow planting progress.

Dec 26 CBOT Wheat  closed at $7.07, down 1 1/2 cents,

Mar 27 CBOT Wheat  closed at $7.21 1/2, down 2 3/4 cents,

Dec 26 KCBT Wheat  closed at $7.67, down 4 3/4 cents,

Mar 27 KCBT Wheat  closed at $7.79 1/2, down 6 cents,

Dec 26 MIAX Wheat  closed at $7.20 1/4, down 8 1/2 cents,

Mar 27 MIAX Wheat  closed at $7.41 1/4, down 8 3/4 cents,

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.