Hard Red Wheat Jul '20 (KEN20)
Hard Red Wheat Futures Market News and Commentary
Wheat markets are following the Monday move lower with more of the same on Tuesday. At midday KC futures are down the most with 7 1/4 to 8 3/4 cent drops. SRW wheat futures are trading 3 to 4 cents in the red. Spring wheat futures are firm to 2 1/4 cents lower so far. Spring wheat was 91% planted and 67% emerged on May 31 per USDA. Initial spring wheat ratings were reported at 80% good/ex and 385 points on the Brugler500 index. Winter wheat ratings were down 7 points this week on the Brugler500 to 334. Nationally, winter wheat was 3% harvested. Winter wheat was also shown at 77% headed. Ukraine adjusted their new crop forecast to 23.2 MMT production, USDA sees the nation at 28 MMT. The ministry also estimated lower exports, at 14.9 MMT. Egypt’s new crop wheat tender was filled with 120,000 MT of Ukraine wheat; there were no U.S. offers. Jordan issued an international wheat tender, seeking 120,000 MT with results expected tomorrow.
Jul 20 CBOT Wheat is at $5.11 1/... Read more
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In the critter complex....
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