Wheat Futures Market News and Commentary
At the close for Thursday’s trade, wheat futures were double digits stronger. Spring wheat futures pulled back from 20+ cent gains, but were still 5 1/2 to 14 3/4 cents stronger on the day. SRW wheat prices closed with gains of 13 1/4 to 16 1/2 cents. KC HRW prices were 10 3/4 to 15 cents higher.
The weekly Export Sales report from USDA showed 515,168 MT of wheat was booked during the week that ended 7/22. That was within the range of estimates but was a MY high – the largest since the week of February 4th. The week’s sales were still 24% below the same week last season. China was listed as the top buyer, though their purchase was from a previously reported sale to unknown, with Mexico having bought 86k MT. By class, HRW sales made up the largest share with 43% of the total. HRW also accounted for nearly half of the 344,965 MT reported exports during the week. Accumulated shipments are at 2.73 MMT as of 7/22, with HRW’s share at 37.5% compared to 47% of the total at the same... Read more