Futures are posting lower trade on Thursday with contracts steady to down 7 cents. The wheat complex slipped lower into the Wednesday close as a stronger dollar and some month end position squaring weighed on things. Chicago contracts were down 2 to 7 1/2 in the front months, with back months up 1 to 5 cents. Kansas City futures were down 1 to 11 ½ cents at the close. MPLS spring wheat was down 5 to 10 cents when the final bell rang.
The NASS Crop Progress report showed a breakdown of the winter wheat crops at average of 328 for the HRW crop, down 3 points, with the SRW dropping 6 points to 375, while white wheat regions were up 2 points to 350. Harvest is underway and working northward, with TX 21% done as of Sunday and Oklahoma reporting 12%.
India is expected to lift the 40% wheat import tax this year by July to help alleviate higher prices and shore up drawn down reserves. The deadline for a Taiwan tender of 96,850 MT of US wheat is today.
Jul 24 CBOT Wheat closed at $6.92 3/4, down 7 1/2 cents, currently down 6 cents
Sep 24 CBOT Wheat closed at $7.13 3/4, down 6 3/4 cents, currently down 5 3/4 cents
Jul 24 KCBT Wheat closed at $7.19 3/4, down 11 1/2 cents, currently down 1 1/4 cents
Sep 24 KCBT Wheat closed at $7.33 3/4, down 11 cents, currently down 2 1/4 cents
Jul 24 MGEX Wheat closed at $7.52, down 5 1/2 cents, currently down 1 cents
Sep 24 MGEX Wheat closed at $7.61, down 5 1/2 cents, currently down 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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