Wheat Mini Jul '20 (XWN20)
Wheat Mini Futures Market News and Commentary
Wheat is trading with Thursday morning losses across the three markets. The wheat complex posted losses across the three markets on Wednesday. Chicago SRW futures were down 6 ¾ to 11 ¼ cents across the board on the midweek session. Open interest suggested some longs coming out, down 1,055 contracts. KC HRW futures pulled off the early lows with contracts closing 1 to 3 cents on the day. Open interest suggested modest new selling interest, up 2,771 contracts. There were 5 delivery notices against May CBT wheat overnight, with 35 for May KC wheat. MPLS spring wheat saw losses of 3 to 5 ¼ cents on Wednesday. Crude oil was the pressure factor, falling $6.06 on the day on easing US/Iran tensions.
USDA’s Export Sales report will be released on Thursday morning, with traders looking for old crop wheat sales to total 100,000 to 300,000 MT in the week of 4/30. New crop sales are expected to be in a range of 0-250,000 MT.
Algeria purchased an estimated 390,000 to 420,000 MT of whe... Read more
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