Wheat Futures Market News and Commentary
Front month wheat futures continued to weaken today. SRW futures fell back by 8 1/2 to 9 3/4 cents. KC HRW futures were down by 8 to 9 1/4 cents. MGE wheat closed the day with 4 to 5 1/2 cent losses. Wheat export sales on the week ending July 30 were 605,472 MT. That was lower wk/wk, but still 24% above last year and within the range of trade expectations. Total commitments through the first 9 weeks are the highest since the 2014/15 MY. A Bloomberg survey of analysts shows the average estimate for wheat production is 1.832 bbu, with 1.218 bbu winter specific. South Korea purchased 57,400 MT of U.S. wheat in an international tender. Japan bought 66,050 MT of U.S. origin wheat in the MOA tender.
Sep 20 CBOT Wheat closed at $5.01 1/4, down 9 1/2 cents,
Sep 20 KCBT Wheat closed at $4.17 1/4, down 9 1/4 cents,
Sep 20 MGEX Wheat closed at $4.96, down 5 1/2 cents,
--- provided by Brugler Marketing & Management