Futures are starting off the Thursday session with 4 to 6 cent lower trade. The wheat complex saw steady to lower trade on the Wednesday session, backing off from the early morning strength. Chicago SRW futures were unchanged in most contract, with March down ¼ cent. KC HRW showed fractional to 2 ¼ cent lower trade. MPLS spring wheat was 2 ½ to 4 ½ cents lower on the session.

Thursday morning will show the weekly Export Sales report from FAS, with analysts expecting to see between 300,000 and 650,000 MT of 2024/25 wheat sales for the week of September 12. Sales for 2025/26 are estimated to be 0 to 50,000 MT in that week. 

The FranceAgriMer expects to see French soft wheat exports to all destinations outside the EU at 4 MMT, down 3.5 MMT from last month’s number, with shipments within EU countries seen down 0.5 from a month ago to 6 MMT. With a smaller production total, stocks are expected to drop to 2.74 MMT, down 0.3 MMT from the previous estimate. 

Japan purchased a total of 123,012 MT of wheat from Australia, Canada, and the US on Thursday, with 66,397 MT US specific. 

Dec 24 CBOT Wheat  closed at $5.75 3/4, unch, currently down 6 cents

Mar 25 CBOT Wheat  closed at $5.95 1/4, down 1/4 cent, currently down 5 1/2 cents

Dec 24 KCBT Wheat  closed at $5.78 1/2, down 1 1/2 cents, currently down 6 cents

Mar 25 KCBT Wheat  closed at $5.91 3/4, down 1 1/4 cents, currently down 5 1/2 cents

Dec 24 MGEX Wheat  closed at $6.16 1/2, down 4 1/2 cents, currently down 4 1/2 cents

Mar 25 MGEX Wheat  closed at $6.38, down 3 3/4 cents, currently down 6 cents