Wheats are trading lightly weaker in CBT after a tight overnight range, though KC HRW is down by 3 to 6 cents and near the overnight lows extending the midweek selloff. Preliminary OI data had KC wheat down 1,571 contracts, mostly via July, while Chicago futures net increased 5k across the board. Front month wheat futures fell double digits on Wednesday with Chicago SRW 2% to 2.6% lower. KC Wheat futures ended the session 18 1/2 to 29 1/4 cents in the red with a 3.5% loss in July. Spring wheat closed with 17 1/4 to 22 3/4 cent losses of as much as 2.8%.
Ahead of the weekly FAS Export Sales data, analysts are looking for USDA to report between 75k MT of old crop wheat cancelations and 100k MT of net new old crop sales. New crop export sales are estimated between 200k MT and 500k MT for the week that ended 5/18.
Ukraine’s Ag Ministry reported the season’s grain export was 4.6% behind last year’s pace with 44.6 MMT shipped – including 15.3 MMT of wheat, an 18% decrease yr/yr.
Jul 23 CBOT Wheat closed at $6.06 1/4, down 16 cents, currently down 1 1/4 cents
Sep 23 CBOT Wheat closed at $6.19, down 15 1/2 cents, currently down 1 1/4 cents
Cash SRW Wheat was $5.45 ¼ on Wednesday, down 16 cents,
Jul 23 KCBT Wheat closed at $8.12 1/4, down 29 1/4 cents, currently down 6
Cash HRW Wheat was $7.79 1/2, down 32 cents,
Jul 23 MGEX Wheat closed at $7.99, down 21 3/4 cents, currently UNCH
On the date of publication, Alan Brugler did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here.
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