The wheat market is trading lower across the three markets at Thursday’s midday. The rallying US dollar index put some pressure on the market. Chicago SRW futures are down 3 to 4 cents on the day. KC HRW contracts are 6 to 7 cents lower on Thursday. MPLS spring wheat is down 4 to 6 cents on the day.

Weekly Export Sales data showed all wheat sales in the lower half of the 250,000 to 550,000 MT estimates for old crop at 374,735 MT during the week of 10/31. That was a 6-week low for sales and down 8.92% from last year but up 5.77% from the same week last year.  Mexico was the largest buyer of 105,800 MT, with unknown in for 73,000 MT.

Ahead of USDA’s WASDE report on Friday, analysts surveyed by Reuters expect to see very little movement in the US ending stocks projection this month at 813 mbu on average. The range of estimates is 800 to 830 mbu. World stocks for the 2024/25 projection is seen down 0.93 MMT to 256.79 MMT.

Japan purchased a total of 121,790 MT of US, Canadian, and Australian wheat in their weekly tender, with 71,712 MT. Russia’s ag ministry estimates the country’s wheat production at 83 MMT for the 2024 crop.

Dec 24 CBOT Wheat  is at $5.70, down 3 1/4 cents,

Mar 25 CBOT Wheat  is at $5.87 1/2, down 3 1/2 cents,

Dec 24 KCBT Wheat  is at $5.67 1/4, down 6 3/4 cents,

Mar 25 KCBT Wheat  is at $5.79 3/4, down 6 cents,

Dec 24 MGEX Wheat  is at $6.01, down 4 1/2 cents,

Mar 25 MGEX Wheat  is at $6.21 3/4, down 5 3/4 cents,