Spring Wheat Futures Market News and Commentary
Early Wednesday buying has futures 3 to 9 cents higher. At the close for the Tuesday session, wheat futures were mixed as winter wheat prices were down by double digits. Spring wheat futures on the MGE rallied enough to close the session fractionally lower to 1 1/4 cents higher. CBT SRW futures ended the session 1.8% to 2% weaker. HRW prices closed 2.1% to 2.4% lower on Tuesday.
cmdtyView data had the spot cash HRW/corn spread favoring corn by 54 3/4 cents, as wheat remains a viable feed substitute. Cash prices in September show the spread had widened from a 70 cent/bu HRW premium to an 89 1/2 cent premium at the close.
South Korea’s MFG purchased 65,000 MT of optional origin feed wheat from their 140,000 MT tender. Japan is tendering for 207,472 MT of wheat – with 109,062 MT to be U.S. specific. Egypt cancelled their buying tender as high freight costs pushed landed prices above their comfort level.
Jul 21 CBOT Wheat closed at $6.61 1/2, down 13 cents; and up 3... Read more