Wheat is kicking off the Friday session with contracts down 2 to 4 cents across the main markets. The wheat market took back the losses from Wednesday with gains across the three markets on Thursday. CBT soft red wheat futures posted gains of 5 ¼ to 7 ½ cents across the board on Thursday. KC HRW futures were back up 3 ¾ to 5 ½ cents on the session. Open interest was up 2,272 contracts on Thursday. MPLS spring wheat futures saw higher action on Thursday, up 4 to 5 ¼ cents at the close.
The weekly USDA Export Sales report showed bookings at 539,842 MT in the week ending on September 18. That was 43.02% above the week prior and more than triple the same week last year. The Philippines ended up as the top buyer of 116,000 MT, with Italy purchasing 86,900 MT and 77,400 MT for Indonesia.
Russia’s wheat crop is estimated at 87.5 MMT according to the latest estimate from IKAR, up 0.5 MMT from the previous number. Sovecon estimates the Russian wheat exports at 43.4 MMT, down 0.3 MMT from the previous estimate. The European commission estimates the EU wheat production at 132.6 MMT, up 4.5 MMT from last month. EU ending stocks were up 3.2 MMT to 10.8 MMT.
Dec 25 CBOT Wheat closed at $5.27, up 7 1/2 cents, currently down 4 cents
Mar 26 CBOT Wheat closed at $5.45, up 7 cents, currently down 4 cents
Dec 25 KCBT Wheat closed at $5.12 1/4, up 5 1/2 cents, currently down 2 1/2 cents
Mar 26 KCBT Wheat closed at $5.33 1/4, up 5 cents, currently down 2 3/4 cents
Dec 25 MGEX Wheat closed at $5.73, up 5 1/4 cents, currently down 3 cents
Mar 26 MGEX Wheat closed at $5.93, up 5 1/4 cents, currently unch
