Wheat Falling into Month-End
On Thursday, wheat prices dipped ahead of month-end, with Chicago contracts down 15 to 17 cents, Kansas City futures down 12 to 13 cents, and MPLS spring wheat 10 cents lower. Rain forecasts in Russian wheat regions and parts of the US Southern Plains are influencing market sentiment. Taiwan bought 96,850 MT of US wheat for July/August shipment. Export Sales data, expected Friday, may show a net reduction or increase of 100,000 MT for the week of 5/23.
After a month of solid gains, the wheat complex is falling lower on Thursday ahead of Friday’s month end. Chicago contracts are down 15 to 17 cents in the front months. Kansas City futures are down 12 to 13 cents so far. MPLS spring wheat is 10 cents lower in the nearbys.
Weather is likely playing some factor today, as rains are expected to sneak back into wheat growing regions in Russia. Much of the US Southern Plains camera as well as SRW country is also expected to see precip over the next week.
Taiwan purchased 96,850 MT of US wheat in their tender that was due today for July/August shipment. Export Sales data will be delayed until Friday morning, with the trade expecting net reduction of 100,000 to net sales of 100,000 MT during the week of 5/23. New crop is seen in the middle of the 200,000-400,000 MT range.
Jul 24 CBOT Wheat is at $6.77 1/2, down 15 1/4 cents,
Sep 24 CBOT Wheat is at $6.98 3/4, down 15 cents,
Jul 24 KCBT Wheat is at $7.07 1/2, down 12 1/4 cents,
Sep 24 KCBT Wheat is at $7.21 1/4, down 12 1/2 cents,
Source Link : https://www.nasdaq.com/articles/wheat-falling-month-end
