Hard Red Wheat Sep '24 (KEU24)
Hard Red Wheat Futures Market News and Commentary
The wheat complex extended the move to 3-year highs for the winter wheats into the weekend. Chicago SRW contracts rallied 10 ½ to 24 ¼ cents across the board on Friday, with September 85 ½ cents higher on the week. KC HRW futures saw gains of 10 to 24 ¼ cents in the front months, as September was 71 ½ cents higher since last Friday. MPLS spring wheat joined in on the rally, with contracts 8 ¼ to 12 ½ cents higher, as September was up 47 cents this week.
Export disruptions and limitations out of the Black Sea has added premium to the market, with a merchant vessel off the Romanian coast catching fire late on Thursday and sinking. It was reportedly struck though no additional info was available
Export Sales data shows wheat sales for the current marketing year at 8.342 MMT, down 31% from the same week last year. That is 40% of the USDA export projection and behind the 52% average.
CFTC’s weekly Commitment of Traders report showed managed money cutting back another... Read more
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