Wheat Closes Higher on Thursday

Soybeans being harvested in the fall

The wheat complex started off weaker on Thursday, but rounded out the day with strength. Chicago contracts were firm to 5 ¼ cents higher in the front months, with back 2025/2026 months down 2 to 6 cents. Kansas City futures posted stead to 11 ¼ cent higher trade, rallying later in the day. MPLS spring wheat was up 2 to 8 cents on the Thursday session.

All wheat export sales for the 23/24 MY were just 17,852 MT as there are just 2 weeks left in the MY. Sales for the 24/25 crop were on the low end of the estimates during the week of 5/16 at 224,860 MT. That was a 5-week low. The top buyer was Mexico of 129,300 MT, with 30,000 MT sold to Brazilian buyers.

International Grains Council data showed production for the world wheat number down 3 MMT to 795 MMT. Consumption was also cut by 2 MMT, with the ending stock projection up 1 MMT from last month at 260 MMT, but still a 6 MMT reduction from last year.

Jul 24 CBOT Wheat  closed at $6.98, up 5 cents,

Sep 24 CBOT Wheat  closed at $7.18, up 5 1/4 cents,

Jul 24 KCBT Wheat  closed at $7.10 3/4, up 11 1/4 cents,

Sep 24 KCBT Wheat  closed at $7.24 1/2, up 10 3/4 cents,

Jul 24 MGEX Wheat  closed at $7.44, up 7 1/2 cents,

Sep 24 MGEX Wheat  closed at $7.54 1/4, up 8 cents,

On the date of publication, Alan Brugler 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.