Wheat Pushing Higher on Thursday

Wheat bulls are trying to battle back on Thursday morning, with 4 to 7 cent gains. The wheat complex ignored USDA Grain Stocks report showing tighter stocks on Wednesday, posting losses across the three exchanges. Chicago SRW closed the day with contracts down 5 ½ to 17 cents to lead the weakness. Open interest was up 12,117 contracts on Wednesday. KC HRW futures posted 4 to 10 cent losses on the session. Open interest was up 2,986 contracts.  MPLS spring wheat saw weakness of 6 to 7 cents at the close.

The NASS Small Grains Summary from Wednesday showed all wheat production at 1.534 bbu, which was up just 3 mbu from the August Crop Production report and slightly above trade estimates. HRW was tallied at 466 mbu, with SRW at 294 mbu, and white winter wheat at 259 mbu. Spring wheat was pegged at 449.5 mbu.

NASS released their quarterly Grain Stocks data on Wednesday, with September 1 stocks tallied at 1.846 bbu 1.857 billion bushels. That would was a drop of 288 mbu from a year ago and below estimates. 

USDA’s Export Sales report will be out this morning, with traders looking for between 250,000 MT and 450,000 MT of wheat bookings in the week of 9/24.

A Taiwan flour mill tendered to purchase an estimated 105,800 MT of wheat from the US, with offers due next Wednesday. A South Korean mill importer purchased 100,000 MT of wheat from the US overnight. Saudi Arabia issued a tender for 535,000 MT of wheat with offers due on Friday. 

Dec 26 CBOT Wheat  closed at $6.75 3/4, down 17 cents, currently up 4 cents

Mar 27 CBOT Wheat  closed at $6.90 3/4, down 16 1/4 cents, currently up 4 cents

Dec 26 KCBT Wheat  closed at $7.33, down 10 cents, currently up 6 1/2 cents

Mar 27 KCBT Wheat  closed at $7.46 1/2, down 9 1/4 cents, currently up 7 cents

Dec 26 MIAX Wheat  closed at $6.93 1/4, down 6 cents, currently up 4 3/4 cents

Mar 27 MIAX Wheat  closed at $7.14 1/2, down 6 1/2 cents, currently up 5 1/2 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.