Wheat futures are falling on Thursday with a weaker round of export business on Thursday. Chicago SRW futures are 7 to 9 cents in the red as the market trades through Thursday. Kansas City HRW contracts are falling another 9 to 10 cents so far on Thursday. MPLS spring wheat is down 5 to 6 cents in the front months at midday. Strength in the US dollar index continues to put some pressure on things.
USDA Export Sales data from this morning showed a MY low at net reductions of 248,849 MT, well below estimates of net sales between 300,000 and 700,000 MT for old crop. Vietnam was the buyer of 69,500 MT, with Indonesia in for 62,000 MT. Panama cancelled 272,900 MT, with net reduction of 123,800 MT for unknown destinations. New Crop bookings were well above the estimated 25,000 to 100,000 MT, at 491,092 MT.
This morning’s release of the monthly International Grains Council report showed wheat production for 2024/25 up 2 MMT to 799 MMT, with stocks up 1 MMT to 265 MMT. The first look at 2025/26 estimates showed an 8 MMT increase in production yr/yr, but consumption increasing to take projected stocks down 6 MMT to 259 MMT.
May 25 CBOT Wheat is at $5.55 1/4, down 8 1/4 cents,
Jul 25 CBOT Wheat is at $5.72 1/4, down 7 3/4 cents,
May 25 KCBT Wheat is at $5.84 3/4, down 10 cents,
Jul 25 KCBT Wheat is at $5.99 1/4, down 9 1/2 cents,
May 25 MGEX Wheat is at $6.05 3/4, down 6 cents,
Jul 25 MGEX Wheat is at $6.22, down 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.
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