Wheat Ends Ugly Week with Losses
Wheat futures continued to decline on Friday, with Chicago, Kansas City, and MPLS spring wheat contracts all posting losses. USDA’s weekly Export Sales report showed the highest sales since January at 589,695 MT, led by South Korea and the Philippines. Additionally, Taiwan purchased 104,150 MT of US wheat. FranceAgriMer maintained their soft wheat crop rating at 62% good/excellent, compared to 83% last year.
The wheat complex continued the losing streak on Friday, with contracts down across the three exchanges. Chicago posted losses of 3 ½ to 11 ¼ cents across the board on the Friday session, as July lost 51 ¼ cents this week. Kansas City futures were down 10 ¾ to 12 ½ cents to round out the week with July down 46 ¼ cents. MPLS spring wheat contracts were down 7 ¼ to 15 cents across the board, with July slipping 44 cents since last Friday.
USDA’s weekly Export Sales report was pushed back until later this morning and showed the largest total sales since mid-January at 589,695 MT. That was more than double the previous week and above the trade range of 200,000 to 500,000 MT estimates. The top buyer was South Korea at 118,600 MT, as the Philippines were in for 108,300 MT.
On a septate export note, Taiwan purchased a total of 104,150 MT of wheat from the US. French firm, France AgriMer, left their soft wheat crop ratings alone on Friday. The crop was rated at 62% gd/ex. For reference, last year was 83%.
Source Link: https://www.barchart.com/story/news/26973512/wheat-ends-ugly-week-with-losses
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