Wheat Closes on the Lower Side of Unchanged
On Wednesday, the wheat complex declined due to a stronger dollar. Chicago contracts fell 2 to 7 1/2 cents, while Kansas City futures dropped 1 to 11 ½ cents. MPLS spring wheat was down 5 to 10 cents. The NASS Crop Progress report revealed HRW at 328, SRW at 375, and white wheat regions at 350. India plans to lift the 40% wheat import tax to stabilize prices. Additionally, a Taiwan tender for 96,850 MT of US wheat closes Thursday.
The wheat complex slipped lower into the Wednesday close as a stronger dollar 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.
India is expected to lift the 40% wheat import tax this year to help alleviate higher prices and sure up drawdown reserves. The deadline Taiwan tender of 96,850 MT of US wheat is due on Thursday.
Jul 24 CBOT Wheat closed at $6.92 3/4, down 7 1/2 cents,
Sep 24 CBOT Wheat closed at $7.13 3/4, down 6 3/4 cents,
Jul 24 KCBT Wheat closed at $7.19 3/4, down 11 1/2 cents,
Sep 24 KCBT Wheat closed at $7.33 3/4, down 11 cents,
Jul 24 MGEX Wheat closed at $7.52, down 5 1/2 cents,
Sep 24 MGEX Wheat closed at $7.61, down 5 1/2 cents,
Source Link : https://www.barchart.com/story/news/26521074/wheat-closes-on-the-lower-side-of-unchanged
