Wheat is under pressure to start Friday, with the three exchanges down 12 to 20 cents. The wheat complex saw some pressure on Thursday. Chicago SRW saw losses of 1 ½ to 5 ¼ cents at the close. Open interest was down 2,691 contracts on Thursday. KC HRW futures saw losses of 4 to 6 ½ cents at the final bell on Thursday. OI rose 3,233 contracts on Thursday. MPLS spring wheat was down 8 to 9 cents on the session.
Several middle eastern countries including Turkey, Egypt and India are in talks over the Black Sea and safe shipment.
USDA’s Export Sales report from this morning showed 267,553 MT of wheat sales in the week of 9/17, with shy of traders looking for between 350,000 MT and 600,000 MT. That was the 4th lowest total for the marketing year and 50.44% below the same week last year. Mexico was the lead buyer of 113,400 MT, with 87,600 MT to Japan and 60,000 MT sold to Vietnam.
The next 7 days shows 2 to 4 inches of rain expected from the Panhandle of TX to NE, according to NOAA’s 7-day QPF. That adds much needed soil moisture to some dry areas but does slow planting progress.
Dec 26 CBOT Wheat closed at $7.07, down 1 1/2 cents, currently down 19 3/4 cents
Mar 27 CBOT Wheat closed at $7.21 1/2, down 2 3/4 cents, currently down 19 cents
Dec 26 KCBT Wheat closed at $7.67, down 4 3/4 cents, currently down 20 cents
Mar 27 KCBT Wheat closed at $7.79 1/2, down 6 cents, currently down 20 1/4 cents
Dec 26 MIAX Wheat closed at $7.20 1/4, down 8 1/2 cents, currently down 12 cents
Mar 27 MIAX Wheat closed at $7.41 1/4, down 8 3/4 cents, currently down 13 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.