Wheat Futures Sharply Lower Again on Wednesday

Wheat futures are showing double digit losses at mid-morning, on all three exchanges. Chicago contracts were down 12 to 13 cents. Kansas City futures are trading mostly 13 to 14 lower. MPLS spring wheat futures are down 12 to 13 cents per bushel.  

Weekly wheat export sales ideas for tomorrow morning are leaning negative 100,000 MT for old crop in the week ending May 30, with the marketing year ending May 31.  New crop ideas are 200,000 to 550,000 MT. 

Jordan continues to insist that prices are too high, passing again on their purchase tender. Japan’s Ministry of Ag is tendering for 103,767 MT of wheat from the US, Australia, and Canada, with 31,600 MT US specific. Private forecaster SovEcon has cut projected Russian wheat production to 80.7 MMT, noting the sharp drop in NDVI following the May frost event. 

Jul 24 CBOT Wheat  is at $6.45 1/4, down 13 cents,

Sep 24 CBOT Wheat  is at $6.67 1/4, down 12 3/4 cents,

Jul 24 KCBT Wheat  is at $6.74, down 13 1/4 cents,

Sep 24 KCBT Wheat  is at $6.88 1/2, down 12 3/4 cents,

Jul 24 MGEX Wheat  is at $7.12 1/4, down 11 1/4 cents,

Sep 24 MGEX Wheat  is at $7.21 3/4, down 11 1/2 cents,