Wheat contracts advanced across all three major exchanges on Thursday. Chicago SRW futures posted gains ranging from 5¾ to 12½ cents, while KC HRW contracts closed higher by 10¼ to 12¾ cents. MPLS spring wheat futures also moved firmly into positive territory, gaining between 12½ and 15¾ cents.
The USDA is expected to maintain current US production estimates in this month’s WASDE report, pending the release of the Small Grains Summary on September 30. However, other portions of the balance sheet may see adjustments, with traders anticipating minimal revisions. A Bloomberg survey indicates an average estimate of 718 million bushels, just 1 million bushels above the August figure. Globally, stocks are projected to decline by 0.3 MMT to 273 MMT.
Export sales data has been postponed to Friday due to the Monday holiday. According to a Reuters survey of traders, weekly sales are expected to fall between 250,000 and 500,000 metric tons for the week ending September 3.
Sep 26 CBOT Wheat closed at $7.23 1/4, up 12 cents,
Dec 26 CBOT Wheat closed at $7.41 1/4, up 12 1/2 cents,
Sep 26 KCBT Wheat closed at $8.04 1/4, up 12 1/2 cents,
Dec 26 KCBT Wheat closed at $8.18 3/4, up 12 1/2 cents,
Sep 26 MIAX Wheat closed at $7.43 3/4, up 15 3/4 cents,
Dec 26 MIAX Wheat closed at $7.63 1/2, up 14 1/2 cents,
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