Double Digit Weakness For Wheat Market
Early Friday action has wheats down by double digits, and near UNCH for the week’s net move. Afternoon strength pulled the KC wheat market off the lows to close fractionally mixed. Spring wheat futures were mostly higher through the day and ended with 5 1/4 to 8 1/2 cent gains. SRW futures were 2 to 7 1/4 cents lower on the day, and just a penny off the low for the day.
USDA’s weekly Export Sales data had 233k MT wheat bookings for the week that ended 7/27. That was up 36% for the week, but was 44% below the same week last year. Total wheat commitments were 5.42 MMT – including: 1.46 MMT SRW, 1.15 MMT HRS, 1.1 MMT of HRW, and 1.01 MMT of white.
The North Dakota Spring Wheat Quality Tour had a final yield estimate of 47.4 bpa, with USDA at 47 bpa.
Russia’s Vladimir Putin announced plans for Russia to supply 25k to 50k MT of grain each (150k to 300k MT total) to 6 African nations for free, including shipping costs.
France’s Agritel estimated a 3% yr/yr increase for wheat output at 34.8 MMT.
Sep 23 CBOT Wheat closed at $7.12 3/4, down 7 1/4 cents, currently down 13 1/2 cents
Dec 23 CBOT Wheat closed at $7.35 1/2, down 6 3/4 cents, currently down 13 1/2 cents
Cash SRW Wheat was $6.46 1/1, down 8 1/8 cents,
Sep 23 KCBT Wheat closed at $8.66 1/2, up 1 1/4 cents, currently down 14 3/4 cents
Cash HRW Wheat was $8.10 1/1, up 7/8 cent,
Sep 23 MGEX Wheat closed at $9.04 1/4, up 8 1/2 cents, currently down 12 1/4 cents
On the date of publication, Alan Brugler did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here.
Source Link: https://www.barchart.com/story/news/18885398/double-digit-weakness-for-wheat-market
