Bears struggle with losses amidst wheat's unyielding rise
In the latest trading sessions, the wheat complex experienced a decrease across all three exchanges on Thursday, according to reports.
On the Chicago Board of Trade (CBOT), wheat closed at $5.02 ¼, down 1 ¾ cents. Meanwhile, at the Kansas City Board of Trade (KCBT), both Soft Red Winter and Hard Red Winter wheat closed lower. Soft Red Winter wheat closed at $4.79 ¾, down 3 cents, while Hard Red Winter wheat closed at $5.50 ½, down 4 cents. Similarly, at the Minneapolis Grain Exchange (MGEX), Hard Red Winter wheat also saw a decrease, closing at $5.70 ¼, down 2 ¾ cents.
Traders are anticipating wheat sales to total between 350,000 to 700,000 MT in the week of August 28. This optimism stems from a 34.05% increase in wheat export for July compared to the previous month, as indicated by the latest Monthly Census data. In fact, the July wheat export figure represents a 22.52% increase year-over-year and a 5-year high.
However, it's important to note that the specific parties who executed wheat futures transactions on September 25 and December 25 on the CBOT, KCBT, and MGEX are not publicly disclosed.
The CBOT also issued 8 more deliveries for September wheat overnight. KC HRW futures, on the other hand, saw an increase of 3 to 4 cents at the close. MPLS spring wheat was down 2 to 4 cents.
Due to a Monday holiday, the USDA Export Sales report will be delayed until Friday morning.
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Austin Schroeder did not have positions in any of the securities mentioned in this article.
