Wheat Higher on Thursday Morning

Wheat futures are up across the three exchanges to kick off Thursday. The wheat complex posted gains across the three exchanges on Wednesday. Chicago SRW futures were up 2 ¾ to 5 cents at the close. KC HRW was a penny to 4 ¼ cents higher across the board. MPLS spring wheat was 5 to 6 ½ cents in the green on the day. There were 0 deliveries notices against CBT wheat overnight, with 4 issued for KC wheat. 

Export Sales data will be released this morning, with the trade looking for between 300,000 to 550,000 MT of all wheat sales in the week that ended on 9/5.

Wheat production data will likely remain unchanged this month, as USDA waits for the Small Grains Summary report due at the end of the month. However, the WAOB will update the demand side of the balance sheets with any adjustments they deem necessary. The average of analysts surveyed by Bloomberg shows a slight 6 mbu cut to 822 mbu for US wheat ending stocks. World ending stocks are projected to be cut by 1.2 MMT to 255.4 MMT. 

The EU wheat crop was estimated at 114.4 MMT by Strategie Grains, down 10% from a year ago and 2.1 MMT below the August release. Egypt’ GASC purchased 430,000 MT of Russian wheat in a private purchase overnight, all for October shipment.

Sep 24 CBOT Wheat  closed at $5.63 3/4, up 5 cents, currently unch

Dec 24 CBOT Wheat  closed at $5.79 1/4, up 5 cents, currently up 7 3/4 cents

Sep 24 KCBT Wheat  closed at $5.80 3/4, up 1 cent, currently unch

Dec 24 KCBT Wheat  closed at $5.88 1/4, up 4 1/4 cents, currently up 8 cents

Sep 24 MGEX Wheat  closed at $5.89, up 10 cents, currently unch

Dec 24 MGEX Wheat  closed at $6.16 1/2, up 6 1/2 cents, currently up 7 cents