The wheat markets are trading higher this morning with Chicago and MPLS putting in a joint effort to lead the way, up 5 to 7 cents. KC is steady to 2 cents higher. They put together some buyers on Thursday, as contracts were mostly higher. Chicago was the weakest, with nearby May closing down ¼, but other contracts up ¾ to 2 ¼ cents. Kansas City was up 1 ½ to 6 ¼ cents at the close. Minneapolis spring wheat futures were steady to 5 ½ cents higher. 

USDA’s weekly Export Sales report showed wheat with the second net reduction for the MY, with net cancellations of 93,556 MT. Much of that was due to a net cancellation of 123,700 MT for China and 48,000 MT for unknown destinations. New crop was a 3-week low at 222,016 MT.

Japan purchased 94,612 T of wheat from the US and Canada in their weekly MOA tender, with 34,272 MT US specific.

An update by the International Grains Council showed a slightly lower world production total for 24/25 at 798 MMT. The carryout for new crop is 259 MMT, down 3, with the 23/24 ending stocks figure at 264 MMT.

May 24 CBOT Wheat  closed at $5.36 3/4, down 1/4 cent, currently up 6 1/4 cents

Jul 24 CBOT Wheat  closed at $5.53, up 3/4 cent, currently up 6 1/2 cents

May 24 KCBT Wheat  closed at $5.77 1/4, up 4 1/2 cents, currently up 2 cents

Jul 24 KCBT Wheat  closed at $5.75 1/4, up 6 1/4 cents, currently up 2 cents

Jul 24 MGEX Wheat  closed at $6.43, up 3 3/4 cents, currently up 5 cents