Wheat Reverts Lower on Thursday

The wheat complex faced some pressure on Thursday after rallying to fresh multi year highs overnight. Chicago SRW contracts were down 8 ½ to 13 cents at the close. KC HRW futures slipped late, with contracts down 3 to 10 ¼ cents. MPLS spring wheat was up ½ to 1 cent in the front months was back months down 2 to 5 cents

Export Sales data from FAS was out this morning showing just 290,016 MT of wheat sales for the week of 7/13. That was up 23.36% from last week but still less than half the same week last year. Mexico was the lead buyer of 137,600 MT, with 98,200 MT sold to Taiwan.

The annual spring wheat tour results were released on Thursday, with an average estimate of 48 bpa. That was below the 49.0 bpa last year but above the 45.8 bpa average from the last 5 years.

Sep 26 CBOT Wheat  closed at $6.96 1/4, down 9 1/2 cents,

Dec 26 CBOT Wheat  closed at $7.13 3/4, down 9 cents,

Sep 26 KCBT Wheat  closed at $7.59 3/4, down 3 3/4 cents,

Dec 26 KCBT Wheat  closed at $7.75 3/4, down 3 1/4 cents,

Sep 26 MIAX Wheat  closed at $7.30, up 1 cent,

Dec 26 MIAX Wheat  closed at $7.53, up 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.