The wheat complex is slipping on Thursday, following an increased stocks number from USDA on Thursday. Chicago SRW futures are 9 to 11 cents in the red on Thursday. KC HRW futures are 9 to 11 cents lower so far on the session. MPLS spring wheat is down 6 to 7 ½ cents in most front months at midday. Crude oil is back up $3.21 so far on Thursday.
Export Sales data from this morning tallied 163,950 MT of old crop wheat business in the week of April 2, exceeding the trade ideas of 0-150,000 MT. That was wall above the week prior and 52.49% above the same week last year. New crop business was shy of traders’ estimates of 150,000 MT to 400,000 MT at 90,656 MT.
