Wheat Closes Lower Following Weak Export Sales Data
The wheat complex posted losses across the board on Thursday. Chicago SRW futures were down 8 ½ to 10 1/4 cents on the day. KC HRW saw losses of 11 to 14 cents across the board. MPLS spring wheat posted 3 to 8 3/4 cent losses.
Thursday morning’s Export Sales report showed just 246,327 MT in all wheat sales during the week of September 12. That was below the trade’s expectations of 300,000 and 650,000 MT for 2024/25 wheat sales and the lowest since the first week of July. The largest buyer was Mexico of 59,600 MT, as the Philippines bought 57,600 MT. Sales for 2025/26 were in the expected range of 0 to 50,000 MT in that week at 11,500 MT.
Japan purchased a total of 123,012 MT of wheat from Australia, Canada, and the US on Thursday, with 66,397 MT US specific.
The monthly International Grains Council pegged their latest wheat production estimated at 798 MMT, down 1 MMT from last month. Trade was up 2 MMT to 198 MMT, as the 2024/25 stocks number was up 1 MMT to 267 MMT.
Dec 24 CBOT Wheat closed at $5.65 1/2, down 10 1/4 cents,
Mar 25 CBOT Wheat closed at $5.85, down 10 1/4 cents,
Dec 24 KCBT Wheat closed at $5.64 1/2, down 14 cents,
Mar 25 KCBT Wheat closed at $5.78 1/4, down 13 1/2 cents,
Dec 24 MGEX Wheat closed at $6.07 3/4, down 8 3/4 cents,
Mar 25 MGEX Wheat closed at $6.29 3/4, down 8 1/4 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.