Wheat Extends Pullback on Thursday
Wheat had another round of weaker trade on Thursday. Chicago SRW futures were down 6 to 7 cents on the session. KC HRW futures fell another 6 to 7 cents into the close. MPLS spring wheat saw fractional losses at the settle.
USDA’s weekly Export Sales report are set to be released on Friday AM, with traders expecting to see 300,000 and 600,000 MT in wheat bookings during the week of 2/13. New crop sales are seen between 0-50,000 MT.
Taiwan importers purchased a total of 102,450 MT US wheat in their tender on Thursday morning. Japan’s weekly tender saw purchases of 96,160 MT of wheat on Thursday from the US. Canada, and Australia, with 34,890 MT US specific.
International Grains Council data was released on Thursday morning showing world wheat production up 1 MMT to 797 MT, as stocks were down 1 MMT on increased consumption at 264 MMT.
Mar 25 CBOT Wheat closed at $5.85 1/2, down 6 1/2 cents,
May 25 CBOT Wheat closed at $6.00 1/4, down 6 1/4 cents,
Mar 25 KCBT Wheat closed at $6.07 1/2, down 6 1/4 cents,
May 25 KCBT Wheat closed at $6.20, down 6 1/4 cents,
Mar 25 MGEX Wheat closed at $6.32 3/4, down 3/4 cent,
May 25 MGEX Wheat closed at $6.47 3/4, down 1/2 cent,
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.