CBOT wheat futures fall on export competition
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Chicago Board of Trade wheat futures dipped on Tuesday, with September soft red winter wheat falling 8 cents to $5.28-3/4 per bushel. Hard red winter wheat and spring wheat showed mixed results, with Kansas City September hard red winter wheat down 1/2 cent to $5.47-3/4 per bushel, and MGEX September spring wheat rising 3/4 cent to $5.93 per bushel. Egypt is negotiating large wheat purchases after buying only 280,000 tons in a recent tender.
CHICAGO, Aug 13 (Reuters) -Chicago Board of Trade wheat futures dipped on Tuesday due to competition from cheaper Black Sea crops, as Egypt negotiated large direct wheat purchases.
- CBOT’s most-active September soft red winter wheat WU24 settled down 8 cents at $5.28-3/4 per bushel.
- K.C. September hard red winter wheat KWU24 ended down 1/2 cent at $5.47-3/4 per bushel, but MGEX September spring wheat MWEU24 rose 3/4 cent to $5.93 per bushel.
- Egypt is negotiating large direct wheat purchases, traders said, after buying only 280,000 metric tons in a tender that sought up to 3.8 million tons on Monday.
- The USDA rated the nation’s wheat crop at 72% good to excellent in its weekly crop progress and condition report, down from 74% the previous week.
- The agency said the spring-wheat harvest was 18% complete, slightly higher than analyst expectations of 17%, while the winter-wheat harvest was seen as nearly done at 93%.
Source Link : https://www.xm.com/research/markets/allNews/reuters/cbot-wheat-futures-fall-on-export-competition-53904937
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