The wheat complex was under pressure for much of the Thursday session. CBT soft red wheat futures were 7 to 8 cents lower to round out Thursday trade. Open interest was down 7,928 contracts on Thursday. KC HRW futures were 9 to 10 cents in the red on Thursday. OI dropped 4,383 contracts. MPLS spring wheat futures were down 9 to 10 cents in most contracts at the close.
Dryness is expected in much of wheat country across the US in the next week.
European Commission raised their EU wheat production total by 0.8 MMT to 133.4 MMT. Ending stocks were left at 10.8 MMT. FranceAgriMer estimates the country’s winter wheat crop at 67% planted as of 10/27, up 11 percentage points from the week prior.
The Trump/Xi meeting in South Korea on Wednesday evening provided nothing on wheat specific, other than the tariffs on ag goods being lifted.
Dec 25 CBOT Wheat closed at $5.24 1/4, down 8 cents, currently down 6 cents
Mar 26 CBOT Wheat closed at $5.40 1/2, down 7 1/4 cents, currently down 5 3/4 cents
Dec 25 KCBT Wheat closed at $5.13, down 9 3/4 cents, currently down 7 cents
Mar 26 KCBT Wheat closed at $5.29, down 9 cents, currently down 6 1/4 cents
Dec 25 MGEX Wheat closed at $5.51 1/2, down 10 cents, currently up 1 cent
Mar 26 MGEX Wheat closed at $5.71 3/4, down 9 1/4 cents, currently up 1 cent
