Wheat Futures Market News and Commentary
Following the big Wednesday advance futures are giving back double digits. So far SRW futures are 7 to 12 3/4 cents in red. HRW wheat is down by 11 to 12 cents, and HRS futures are trading 8 3/4 to 11 cents lower. May ’21 MPLS wheat is the lone exception with a midday loss of just 2 1/2 cents. USDA’s weekly Export Sales report showed 764,385 MT of wheat sales on the week ending July 9. That was above pre-report estimates, and the largest weekly sale since December 12, 2019. Weekly wheat shipments also more than doubled on the week, with 641,407 MT added the 2020/21 accumulated wheat exports are at 2.897 MMT through the first 6 weeks. Strategie Grains lowered their estimate for EU wheat production to 130.3 MMT, citing reduced yields. Jordan is tendering for 120,00 MT of wheat.
Sep 20 CBOT Wheat is at $5.38, down 12 3/4 cents,
Sep 20 KCBT Wheat is at $4.48, down 11 1/2 cents,
Sep 20 MGEX Wheat is at $5.16 3/4, down 11 cents,
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