Wheat Futures Close Lower Amid Disappointing Export Sales

The wheat complex experienced downward pressure on Thursday. Chicago SRW futures declined by 1 ½ to 5 ¼ cents by the close. KC HRW futures fell 4 to 6 ½ cents at the final bell, while MPLS spring wheat dropped 8 to 9 cents on the session.

The USDA’s Export Sales report released this morning revealed 267,553 MT of wheat sales for the week of 9/17, falling short of trader expectations which ranged from 350,000 MT to 600,000 MT. This represented the fourth lowest total for the marketing year and was 50.44% below the same week last year. Mexico led the buyers at 113,400 MT, followed by Japan at 87,600 MT and Vietnam at 60,000 MT.

NOAA’s 7-day QPF expects 2 to 4 inches of rain over the next week from the Panhandle of TX to NE, which adds much needed soil moisture to dry areas but slows planting progress.

Dec 26 CBOT Wheat closed at $7.07, down 1 1/2 cents,

Mar 27 CBOT Wheat closed at $7.21 1/2, down 2 3/4 cents,

Dec 26 KCBT Wheat closed at $7.67, down 4 3/4 cents,

Mar 27 KCBT Wheat closed at $7.79 1/2, down 6 cents,

Dec 26 MIAX Wheat closed at $7.20 1/4, down 8 1/2 cents,

Mar 27 MIAX Wheat closed at $7.41 1/4, down 8 3/4 cents,

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