Wheat Dec '19 (ZWZ19)
Wheat Futures Market News and Commentary
Wheat futures reversed higher today, with KC wheat as the largest mover. Front month HRW futures rebounded 1.3% to 1.6% with gains of as much as 7 cents. SRW futures closed 3 to 4 cents higher, shrinking carry in the process. MPLS wheat futures were up by 3 1/4 to 3 3/4 cents. Cash wheat prices are still down 10.8% from Jan 1. Traders anticipate between 50-250k MT of old crop wheat bookings from the week ending 05/28. New crop sales estimates ahead of tomorrow’s Export Sales report are for 100k to 600k MT. The European Commission’s EDO showed high levels of stressed vegetation from soil moisture deficit in North and Northwest Ukraine. The EDO also showed a belt through Germany and Poland with soil moisture deficit. Jordan purchased 60,000 MT of optional origin milling wheat from their 120,000 MT tender for October delivery. It was filled at $233.50/MT.
Jul 20 CBOT Wheat closed at $5.12, up 4 cents,
Jul 20 KCBT Wheat closed at $4.57 3/4, up 7 cents,... Read more
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