Wheat Futures Market News and Commentary
Wheats continued lower on Thursday. Chicago wheat closed down by 26 3/4 to 31 3/4 cents. KC HRW settled just off the lows in the front months, but futures were still down by as much as 38 1/2 cents on the day. Spring wheats closed with 26 1/2 to 30 3/4 cent losses in the front months.
USDA’s Export Sales report showed 207,152 MT of wheat was sold for export during the week that ended 8/11. That was down from 360k MT last week as a MY low and was below expectations. Mexico and the Philippines were the top buyers. Spring wheat was the most sold variety of the week with a third of the total.
India’s ag ministry raised the country’s wheat production number by 0.43 MMT to 106.84 MMT on Wednesday. For comparison, USDA is at 103 MMT. Some private firms insist the number is much lower, citing slow farmer sales.
An additional 4 loaded vessels left Ukrainian ports, taking the total since the first of August to 24. Some are now carrying wheat. Ukraine’s wheat exports have... Read more