The wheat complex bears were busy selling back to near the lows from August on Thursday. Chicago SRW futures were down 8 1/4 to 10 3/4 cents across the board on the day. KC HRW contracts posted losses of 7 ¾ to 9 ¼ cents at the close. MPLS spring wheat was 4 ½ to 9 ¼ cents in the red on the session. 

The USDA will release their weekly Export Sales report on Friday morning, analysts expecting to see 250,000 to 550,000 MT for the 2024/25 MT. Sales for the 2025/26 MT are seen at 0 to 50,000 MT. 

Japan purchased a total of 114,403 MT of wheat from the three usual suspects, Australia, Canada, and the US, with 58,046 US specific.

Strategie Grains estimated the EU wheat crop will see a 5% increase in acreage for the coming growing season, though they cited a tough start to planting will leave expected production near the previous year’s total at 114.4 MMT. SovEcon released estimates for last years Russian wheat crop at 51.4 MMT, a slight 0.1 MMT drop from the previous number. For the 2025 crop, they increased expected output by 1.5 MMT to 81.6 MMT.

Dec 24 CBOT Wheat  closed at $5.30 1/4, down 10 3/4 cents,

Mar 25 CBOT Wheat  closed at $5.48 1/4, down 8 1/4 cents,

Dec 24 KCBT Wheat  closed at $5.33, down 7 3/4 cents,

Mar 25 KCBT Wheat  closed at $5.46 3/4, down 8 cents,

Dec 24 MGEX Wheat  closed at $5.66 1/2, down 4 1/2 cents,

Mar 25 MGEX Wheat  closed at $5.85 3/4, down 7 1/2 cents,