Wheat Continue Fall Ahead of Day Off
“On Tuesday, the wheat market closed lower across all exchanges: Chicago down 3 ½ to 9 ½ cents, Kansas City down 3 ¼ to 6 ½ cents, and MPLS spring wheat down 4 to 7 ½ cents. With markets closed Wednesday for Juneteenth, traders anticipate a pause. Kansas wheat harvest is ahead at 28%, boosting conditions. Japan seeks 84,667 MT wheat, 29,617 MT from the US, in their latest tender.”
The wheat complex pushed lower into the close across all three exchanges at on Tuesday. Chicago saw losses of 3 ½ to 9 ½ cents across the board. Kansas City contracts were down 3 ¼ to 6 ½ cents. MPLS spring wheat was down 4 to 7 ½ cents. The markets will be closed on Wednesday in observance of Juneteenth, and the bulls need a day break!
The NASS Crop Progress report showed Kansas harvest pace at 28% complete, 20% ahead of normal. Conditions ratings in KS were up a massive 19 points (likely as the worst of the wheat was taken off first), with OK up 10 and CO seeing a 34 point decline. Spring wheat condition ratings saw 5 of the 6 major states improving, with MN up 18 points and ND 6 higher.
Japan is looking for 84,667 MT of wheat in their weekly tender from Australia, Canada, and the US, with 29,617 MT US specific origin.
Source Link: https://www.barchart.com/story/news/26904016/cotton-post-turnaround-tuesday-bounce
Recommended for you
