CBOT wheat ticks down on global supply, harvest pressure
Chicago Board of Trade wheat futures fell further on July 16, pressured by the advancing Northern Hemisphere winter wheat harvest and low Russian wheat prices. September soft red winter wheat settled down 1-3/4 cents at $5.30-3/4 per bushel, while hard red winter wheat dropped 5-1/4 cents to $5.25-1/4. Spring wheat fell 5 cents to $5.75-3/4. Egypt and Algeria issued wheat import tenders, with Egypt buying 770,000 metric tons including Russian and Bulgarian wheat.
Chicago Board of Trade (CBOT) wheat futures fell further on July 16, pressured by ongoing harvests and low Russian wheat prices. The September soft red winter wheat contract (WU24) settled down 1-3/4 cents at $5.30-3/4 per bushel, hitting a contract low of $5.25-1/4 earlier in the day. Similarly, September hard red winter wheat (KWU24) fell 5-1/4 cents to $5.25-1/4, and September spring wheat (MWEU24) dropped 5 cents to $5.75-3/4.
The U.S. Department of Agriculture (USDA) reported 71% of the U.S. winter wheat crop harvested, up from 63% the previous week, and 77% of the spring wheat crop rated as good to excellent. Additionally, Egypt’s General Authority for Supply Commodities (GASC) purchased 770,000 metric tons of wheat, including 720,000 metric tons of Russian wheat, at a low price of $226 per metric ton. Jordan also bought 60,000 metric tons of hard milling wheat from optional origins. The USDA’s revised U.S. 2024 wheat harvest forecast of 2.008 billion bushels further weighed on prices, intensifying the market’s bearish outlook.
Source Link : https://www.xm.com/research/markets/allNews/reuters/cbot-wheat-ticks-down-on-global-supply-harvest-pressure-53881782
