Wheat Bull Hit Speed Bump on Tuesday
On Turnaround Tuesday, wheat markets across exchanges saw declines. Chicago contracts led, down 1 ½ to 14 ½ cents. Kansas City futures, with May expiration, dropped 7 ¼ to 16 ¾ cents. MPLS spring wheat futures fell fractionally to 5 cents. NASS Crop Progress report noted condition ratings decline in KS, OK, TX but improvement in SRW states. Japan seeks 121,516 MT wheat, 23,900 MT US specific. CBOT, KCBT, MGEX Wheat closed lower.
The wheat complex fell into Turnaround Tuesday across the three exchanges. Chicago contracts were down 1 ½ to 14 ½ cents led by the front months. Kansas City futures closed out with losses of 7 ¼ to 16 ¾ cents as may expired. MPLS spring wheat futures were fractionally to 5 cents in the red.
Monday afternoon’s NASS Crop Progress report tallied condition ratings down 4 points in KS, 3 points in OK, and 11 points in TX. Much of the SRW states saw some improvement, up 11 points in IL, 3 in IN, and OH unch.
We will get actual yield updates this week with the Wheat Quality Council HRW Tour beginning today. The next 7 days is offering very limited precip for much of Western KS.
Japan is looking for 121,516 MT of wheat from the US, Canada, and Australia in their weekly ministry of ag tender, with 23,900 MT US specific.
Jul 24 CBOT Wheat closed at $6.72 1/2, down 14 1/2 cents,
Sep 24 CBOT Wheat closed at $6.93 1/4, down 13 1/4 cents,
Jul 24 KCBT Wheat closed at $6.83 1/4, down 16 3/4 cents,
Sep 24 KCBT Wheat closed at $6.97, down 16 cents,
Jul 24 MGEX Wheat closed at $7.33 1/4, down 5 cents,
Source Link : https://www.barchart.com/story/news/26210015/wheat-bull-hit-speed-bump-on-tuesday
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