The wheat complex posted losses across the three exchanges on Thursday, failing to sustain early gains. Chicago SRW contracts slipped to 5 1/4 cents below the base, while KCHRW futures closed lower than the opening session. MPLS spring wheat adjusted downward similarly to 5 1/4 cents at day’s end.
Exports sales data from this morning indicated 451,562 metric tons of wheat moved in the week ending October 1, marking the second highest volume for the marketing year yet still representing only half of the prior week’s total. The Philippines emerged as the top buyer with 112,000 metric tons, followed by significant shipments to South Korea (100,000 MT) and Japan (62,900 MT).
Industry analysts surveyed by Bloomberg anticipate US wheat stock could be raised by 4 million bushels to 721 million during the upcoming WASDE release on Friday.
A Taiwanese flour mill secured a tender purchase of 105,800 metric tons of U.S. wheat overnight.
CBOT Wheat closed at $6.83 1/4 on December 26, down 3 1/4 cents from earlier levels. Subsequent trading showed further declines: Dec 26 opened at $6.97, falling 3 1/4 cents; Mar 27 closed at $6.97 3/4, another 3 1/4 cent drop; Dec 26 closed at $7.36 1/4 down 2 1/4 cents; Mar 27 closed at $7.49 down 3 cents; Dec 26 opened at $7.06, dipping 4 1/4 cents; and Mar 27 set a slight increase at $7.24 1/2, gaining 5 1/4 cents.
On the date of publication.
\nAustin Schroeder\n
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