Wheat futures sustained some double-digit losses on Wednesday as former bulls continued to unwind their July positions ahead of the main index fund roll period. Chicago contracts were down 10 ¾ to 11 ½ cents, with a 6th consecutive down day for the July contract. Kansas City futures settled 10 ¾ to 11 lower but did get up off the deck. MPLS spring wheat futures closed 11 to 11 ¾ lower.
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.
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. Results are expected by morning. Private forecaster SovEcon has cut projected Russian wheat production to 80.7 MMT, noting the sharp drop in NDVI (crop greenness) following the May frost event.
Jul 24 CBOT Wheat closed at $6.46 3/4, down 11 1/2 cents,
Sep 24 CBOT Wheat closed at $6.68 1/2, down 11 1/2 cents,
Jul 24 KCBT Wheat closed at $6.76 1/4, down 11 cents,
Sep 24 KCBT Wheat closed at $6.90 1/2, down 10 3/4 cents,
Jul 24 MGEX Wheat closed at $7.12 1/2, down 11 cents,
Sep 24 MGEX Wheat closed at $7.21 1/2, down 11 3/4 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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