Wheat Prices Bounce Back After Thursday Decline

Wheat prices bounced back in early trading on Friday, showing gains of 4 to 7 cents. This comes after the wheat complex was lower across all three markets on Thursday.

The Chicago SRW contracts led the charge downward, with prices down 1 1/2 to 11 cents across the board. The nearbys were hit hardest, while the deferreds saw losses of 3 to 5 ½ cents.

Export Sales data released on Thursday showed a total of 296,427 MT reported in the week of July 30, a 4-week high for sales but still 59.82% below the same week last year. The Philippines was the largest buyer, purchasing 87,800 MT, followed by Mexico with 68,700 MT and Vietnam with 62,000 MT.

The National Agricultural Statistics Service (NASS) will release updated production data for wheat on Wednesday via the monthly Crop Production report. Analysts surveyed by Reuters are looking for 1.525 bbu of wheat, an '11 mbu cut from July if realized. Winter wheat is expected to be down 9 mbu to 981 mbu, with spring wheat anticipated to slip 7 mbu to 468 mbu.