After beginning the week with a recovery bounce, the midweek session is pulling back with some double digit losses on the board. CBT futures are down 8 to 10 cents at midday and are trading ~5c off their daily low. KC wheat is currently 7 to 8 ½ cents in the red and ~7c off the session low. Midday spring wheat futures are down by 3 cents.
Egypt’s GASC issued an international wheat tender with results expected later today.
Japan’s Ministry of Agriculture is seeking 119,000 MT of food-quality wheat from the US, Canada, or Australia in a routine weekly tender. Results are expected late today or Thursday.
Ukraine’s Ag Ministry reported grain shipments totaled 32.4 MMT, including 12.9 MMT of wheat, for the season-to-date. That is 9.4% below last year, though wheat exports remain 5% above last year’s pace.
May 24 CBOT Wheat is at $5.42 3/4, down 9 3/4 cents,
Jul 24 CBOT Wheat is at $5.58, down 9 1/4 cents,
May 24 KCBT Wheat is at $5.74 1/4, down 8 1/2 cents,
Jul 24 KCBT Wheat is at $5.68 1/4, down 7 1/4 cents,
May 24 MGEX Wheat is at $6.52 1/2, down 3 1/4 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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