Spring Wheat Futures Market News and Commentary
At the close for the midweek session wheat futures were in the red. Chicago wheat prices ended the session 2 3/4 to 7 1/4 cents weaker after the afternoon bounce stalled out. Kansas City HRW futures stayed double digits lower for the close. Spring wheat prices on the MGE were 13 1/4 to 17 1/4 cents red for the close.
Looking ahead to the weekly Export Sales data release, survey results show between 250,000 and 700,000 MT of wheat was booked during the week that ended 7/29.
Japan’s MOA issued a regular tender for 119,435 MT of wheat from U.S., Canada, and Australia. Results are expected Thursday. Taiwan issued a tender seeking 48k MT of U.S. sourced milling wheat.
The Manitoba Provincial Government noted spring wheat good/ex ratings ranged from just 5% in the Interlake region to 50% for the Southwest fields. The French Ag Ministry estimated wheat output at 36.7 MMT, down from 37.1 MMT citing heat and noting humidity related quality concerns.
Sep 21 CBOT Whe... Read more