The front month wheat prices were dropped on Wednesday. Chicago closed 1% to 2% in the red with a 12c loss in the Dec contract. KC futures were down by 9 ½ to 14 cents on the day. Spring wheat was firmer on the day, ending 3 to 7 ½ cents in the red.
Analysts are looking for USDA to report between 300k MT and 600k MT of wheat bookings in the weekly Export Sales report.
USDA’s Ag Attache has a 1% higher yield and a 400k larger wheat crop for Ukraine than the official WAOB figure. The Attache has Ukrainian wheat output at 22.9 MMT, with 10.5 MMT for export.
Wheat conditions in Argentina continue to deteriorate, as BAGE suggests 47% of the crop is in poor or very poor condition.
Dec 23 CBOT Wheat closed at $5.68 1/2, down 12 cents,
Mar 24 CBOT Wheat closed at $5.96 1/4, down 11 1/4 cents,
Cash SRW Wheat was $4.87 7/8, down 11 3/4 cents,
Dec 23 KCBT Wheat closed at $6.49, down 14 cents,
Cash HRW Wheat was $5.87 3/4, down 14 cents,
Dec 23 MGEX Wheat closed at $7.20 3/4, down 7 1/2 cents,
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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