Hard Red Wheat Jul '21 (KEN21)
Hard Red Wheat Futures Market News and Commentary
Midweek wheat futures are recovering so far with double digit gains. CBT prices are back up by 8 ¼ to 13 ¾ cents, led by December to tighten the carry some. In KC wheat futures are up 7 to 12 ¾ cents. Carry from December to March is still 9 ¼. Spring wheat futures are trading with midday gains of 7 ¼ to 13 ¾ cents.
Japan is tendering for 113,067 MT of wheat in their regular weekly MOA tender. Of that, 55,481 MT were U.S. specific, with the remainder to be from Canada. Jordan is also on the market for 120k MT of optional origin wheat. Algeria issued a tender for 50k MT of wheat. Pakistan issued a new international wheat tender seeking 640k MT for Jan-Feb delivery – shortly after their 500k MT tender received offers reported at $383.50 CIF/MT (no purchase was confirmed).
EU wheat exports were reported at 6.53 MMT for the season as of 9/19. That is up 43% from 4.58 MMT at the same point last year. EU data cited China as the top destination with 602k MT.
Dec 21 C... Read more
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