Wheat prices are following the midweek drops with firmness overnight as the complex looks to recover some on Thursday. Domestic wheat futures closed the midweek session off the lows but still in the red. CBT SRW futures ended with fractional to 4 cent losses. KC wheat went home with losses of as much as 9 3/4 cents. HRS futures on the MGE closed 5 3/4 to 7 1/4 cents lower, but held above the $12/bu mark.
Traders look for US weekly Export Sales to be 200k to 600k MT from the week that ended 6/9. FAS will release the report in the morning.
The UAE has suspended wheat imports from India for four months due to interruptions in global trade flows.
Kazakhstan is limiting their wheat exports to 550k MT until 9/30 of 2022. That is a sharper reduction than their initial 1 MMT limit for April 15 – June 1.
Jul 22 CBOT Wheat closed at $10.50, down 1/4 cent, currently up 3 1/2 cents
Cash SRW Wheat was $9.91, down 1 3/8 cents,
Jul 22 KCBT Wheat closed at $11.33 1/4, down 9 cents, currently up 1 1/2 cents
Cash HRW Wheat was $10.85 5/8, down 8 7/8 cents,
Jul 22 MGEX Wheat closed at $12.01 1/4, down 7 1/4 cents, currently up 5 1/4 cents
Sep 22 MGEX Wheat closed at $12.01 1/2, down 7 cents, currently up 5 1/2 cents
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