The wheat complex gave into the bears on Thursday, falling lower across the three exchanges, as the USDA was a little more bearish this morning. Chicago SRW futures were back down 2 to 5 cents in the front months. Kansas City HRW contracts were 7 to 10 cents lower on the session. MPLS spring wheat was 5 to 7 cents in the red at the close.
USDA released Export Sales data this morning, with 107,280 MT of wheat reported. That was back down from the previous week, but was still the second largest out of the last 4 weeks. Unknown was the buyer of 92,800 MT, with 40,000 MT sold to Nigeria. New crop sales were tallied at 107,728 MT, the second largest for the marketing year so far. Japan was the buyer of 64,200 MT, with 22,500 MT sold to Mexico.
US wheat ending stocks were increased by 27 mbu this morning to 846 mbu. That was well above estimates and came as imports were up 10 mbu, exports trimmed by 15 mbu and seed trimmed by 2 mbu. World ending stocks were raised by 0.62 MMT to 260.70 MMT.
The EU commission raised their EU wheat production estimate by 0.6 MMT to 128.1 MMT.
May 25 CBOT Wheat closed at $5.38, down 4 1/4 cents,
Jul 25 CBOT Wheat closed at $5.53 1/2, down 2 1/4 cents,
May 25 KCBT Wheat closed at $5.58, down 10 cents,
Jul 25 KCBT Wheat closed at $5.73, down 7 1/4 cents,
May 25 MGEX Wheat closed at $6.02, down 6 3/4 cents,
Jul 25 MGEX Wheat closed at $6.16 1/2, down 5 cents,
