Wheat Greening Up On Friday

Wheat in the blue sky under the sun

The wheat markets are trading higher this morning with Chicago and MPLS putting in a joint effort to lead the way, up 5 to 7 cents. KC is steady to 2 cents higher. They put together some buyers on Thursday, as contracts were mostly higher. Chicago was the weakest, with nearby May closing down ¼, but other contracts up ¾ to 2 ¼ cents. Kansas City was up 1 ½ to 6 ¼ cents at the close. Minneapolis spring wheat futures were steady to 5 ½ cents higher. 

USDA’s weekly Export Sales report showed wheat with the second net reduction for the MY, with net cancellations of 93,556 MT. Much of that was due to a net cancellation of 123,700 MT for China and 48,000 MT for unknown destinations. New crop was a 3-week low at 222,016 MT.

Japan purchased 94,612 T of wheat from the US and Canada in their weekly MOA tender, with 34,272 MT US specific.

An update by the International Grains Council showed a slightly lower world production total for 24/25 at 798 MMT. The carryout for new crop is 259 MMT, down 3, with the 23/24 ending stocks figure at 264 MMT.

May 24 CBOT Wheat  closed at $5.36 3/4, down 1/4 cent, currently up 6 1/4 cents

Jul 24 CBOT Wheat  closed at $5.53, up 3/4 cent, currently up 6 1/2 cents

May 24 KCBT Wheat  closed at $5.77 1/4, up 4 1/2 cents, currently up 2 cents

Jul 24 KCBT Wheat  closed at $5.75 1/4, up 6 1/4 cents, currently up 2 cents

Jul 24 MGEX Wheat  closed at $6.43, up 3 3/4 cents, currently up 5 cents

On the date of publication, Alan Brugler 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.