Wheat Drops with Wednesday Weakness
The wheat markets closed the Wednesday with contracts heading towards the lows. Chicago futures were down 4 ¾ to 12 ¾ cents. Kansas City posted losses of 8 ¾ to 14 ¾ cents at the close. MPLS was the firmest of the three exchanges, but still lost 2 to 6 cents.
While there isn’t much in NOAA’s 7-day QPF for Plains moisture, CPC’s 8-14 day outlook shows above normal odds for precip across much of the US for the last week of April. Above normal temps are also expected.
USDA will release the weekly Export Sales report on Thursday. Most in the trade are expecting another light round of old crop sales as we near the end of the MY, with net reduction of 100,000 to net sales of 200,000 MT. Estimates for new crop are in a range of 150,000-400,00 MT.
Source Link: https://www.nasdaq.com/articles/wheat-drops-with-wednesday-weakness
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