Wheat Futures Closed Double Digits Weaker

After trading in the black through midday, the wheat markets faded into double digit losses for the bell. For CBT SRW, that left the board 13 1/4 to 13 3/4 cents lower. KC wheat futures closed a dime to 13 3/4 cents in the red. Spring wheat futures ended Thursday with 11 3/4 to 13 1/2 cent losses. 

FAS data had 511,100 MT of wheat sales reported for the week that ended 7/14. That was down 50% wk/wk but was mid range of the pre report estimates. Philippines and unknown were the top buyers, each with over 100k MT. Wheat shipments were reported as 141,800 MT, for a MYTD pace of 1.856 MMT. That is down 22% yr/yr. 

Rumors on the wire suggest seeing a signed resolution involving the U.N., Ukraine, Turkey, and Russia to allow Black Sea grain and food exports by the end of the week. Details remain unclear, though reports are that the talks are going smoothly.

Europe remains in a record setting heat wave, though crop damage reports are just rough estimates at this point. 

Sep 22 CBOT Wheat  closed at $8.06 1/4, down 13 1/4 cents,

Dec 22 CBOT Wheat  closed at $8.21 3/4, down 13 1/2 cents,

Cash SRW Wheat  was $7.46 1/4, down 13 1/4 cents,

Sep 22 KCBT Wheat  closed at $8.61 1/4, down 9 1/4 cents,

Cash HRW Wheat  was $8.09 1/4, down 9 1/4 cents,

Sep 22 MGEX Wheat  closed at $9.12 1/2, down 11 3/4 cents,