The wheat complex was mixed on Wednesday, with unwinding of the spread between the spring and winter wheat contracts. KC posted some strength, up 8 to 9 cents, with CBT 10 to 11 cents higher in the front months. MPLS saw some weakness, with contracts down 11 to 18 cents on Wednesday.
Rains in ND and Northern MN along with parts of SC Canada added a little pressure to the spring wheat futures. Though with the US crop 92% headed, the fate for much of the crop is already sealed. Rain in the EU delayed wheat harvest. It is currently only 4% done vs. 42% last year. The crop is expected to be larger, if they can get it out. Activity has resumed.
Trade expectations ahead of USDA’s Export Sales report are for 350,000 to 600,000 MT in 21/22 wheat bookings for the week that ended on 7/15. That total should include the flash sale of 134,000 MT SRW to China.
Dec 21 CBOT Wheat is at $7.19 3/4, up 11 cents,
Cash SRW Wheat is at $6.75, up 9 1/2 cents,
Dec 21 KCBT Wheat is at $6.79 3/4, up 8 1/2 cents,
Cash HRW Wheat is at $6.52 2/5, up 8 1/2 cents,
Dec 21 MGEX Wheat is at $8.87 1/4, down 17 1/4 cents,
/Micron%20Technology%20Inc_%20logo%20on%20building-by%20vzphotos%20vis%20iStock.jpg)
/Micron%20Technology%20Inc_logo%20and%20website-by%20Mojahid%20Mottakin%20via%20Shutterstock.jpg)