Wheat Futures Market News and Commentary
Front month wheat futures are recovering from yesterday’s losses. Chicago futures are up by 7 1/4 to 8 cents. KC HRW futures are trading with midday gains of 7 3/4 to 8 3/4 cents. Spring wheat futures are up by 4 1/2 to 7 1/2 cents at midday. The weekly Export Sales report noted 357,900 MT of wheat booked on the week ending August 6. That was down 39% wk/wk and 20% below the same week last year. Accumulated commitments through the first 10 weeks are 7.78% ahead of last year’s pace. The August WASDE has 975 mbu of wheat to be exported this MY. That increased the U.S. market share 0.29 ppts yr/yr to 14.12% of the global export supply. That shift came mainly via EU and Ukraine, which are forecasted with 14% and 9.5% market shares respectively. Egypt is tendering for wheat again, with results expected later today.
Sep 20 CBOT Wheat is at $4.99, up 7 3/4 cents,
Sep 20 KCBT Wheat is at $4.26 1/2, up 8 3/4 cents,
Sep 20 MGEX Wheat is at $4.99 1/2,... Read more