Wheat Back to Steady on Friday’s Midday
The wheat market is showing weakness as the month ends, with Chicago futures steady to 2 cents lower and MPLS spring wheat down 2 to 3 cents. Kansas City futures are fractionally mixed. Export sales for 2023/24 saw net reductions of 60,870 MT for old crop and new crop sales at 381,695 MT. Jul 24 CBOT Wheat is at $6.79 1/4, down 1 3/4 cents, and Sep 24 MGEX Wheat at $7.49 1/2, down 2 1/4 cents.
The wheat market is back to fading off the overnight strength as we round out the month. Contracts in Chicago are steady to 2 cents lower. Kansas City futures are fractionally mixed at midday. MPLS spring wheat is down 2 to 3 cents across the front months.
Export Sales data tallied 23/24 wheat export sales at net reductions of 60,870 MT for old crop during the week of 5/23, not uncommon with just over a reporting week left in the MY. Old crop sales need to be shipped by May 31, a quick turnaround unless you’re just looking at destination switches. New crop sales were on the higher end of the 200,000-450,000 MT estimate range at 381,695 MT.
Jul 24 CBOT Wheat is at $6.79 1/4, down 1 3/4 cents,
Sep 24 CBOT Wheat is at $7.00 1/4, down 2 1/4 cents,
Jul 24 KCBT Wheat is at $7.09 1/4, down 1/4 cent,
Sep 24 KCBT Wheat is at $7.23 1/4, down 1/4 cent,
Jul 24 MGEX Wheat is at $7.39 3/4, down 2 1/4 cents,
Sep 24 MGEX Wheat is at $7.49 1/2, down 2 1/4 cents,
Source Link : https://www.barchart.com/story/news/26559296/wheat-back-to-steady-on-fridays-midday
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