The wheat complex saw some slight strength across the three markets into Thursday’s close. Chicago SRW futures were fractionally to 3 cents higher on the day in most contracts, with a few deferred contracts down 14 cents. KC HRW contracts were up 12 to 1 ½ cents in the nearbys and steady to 14 cents lower in the back months. MPLS spring wheat posted gains of 1 to 2 ½ cents.

Weekly Export Sales data was released this morning, showing export bookings for wheat at 532,885 MT, up 5.71% from last week and on the higher side of trade estimates, which ranged from 350,000 to 650,000 MT. The top buyer was Mexico with 169,600 MT, followed by South Korea purchasing 86,000 MT, and unknown destinations accounting for 80,500 MT.

In international developments, Russia is proposing a new international grain exchange among the BRICS countries. The plan, unveiled at this week’s summit, is expected to take several years to implement.

On the futures board for December 2024 contracts:
– CBOT Wheat closed at $5.81 ½, up 3 cents
– KCBT Wheat closed at $5.87, up 1 ½ cents
– MGEX Wheat closed at $6.18, up 2 ½ cents

For March 2025 contracts:
– CBOT Wheat closed at $6.00 ¾, up 2 ½ cents
– KCBT Wheat closed at $6.01 ¼, up 1 cent
– MGEX Wheat closed at $6.39 ¾, up 2 ¼ cents

*Disclaimer:* On the date of publication, Austin Schroeder did not hold positions, either directly or indirectly, in any of the securities mentioned in this article. All information and data provided herein are for informational purposes only.

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https://www.nasdaq.com/articles/wheat-posts-thursday-gains