Wheat Falls as International Business Picks Up
This week witnessed a continued downturn in the wheat market, with Chicago contracts shedding 13 to 15 cents, while Kansas City futures dropped 9 to 12 ¾ cents, and MPLS spring wheat declined by 9 to 12 ¼ cents. In the realm of crop progress, HRW regions saw a modest uptick of 1 point to 329, while SRW states improved by 2 points to 377. However, white wheat dipped by 1 point to 349. Internationally, Egypt’s GASC secured 470,000 MT of wheat, including batches from Romania, France, Ukraine, and Bulgaria, while Algeria made a hefty purchase of 800,000 MT. Meanwhile, Japan’s Ministry of Agriculture is in the market for 103,767 MT of wheat, with a notable portion, 31,600 MT, specifically from the US.
The wheat market extended this week’s slide, with losses across the three exchanges. Chicago contracts were down 13 to 15 cents. Kansas City futures fell 9 to 12 ¾ cents across the board. MPLS spring wheat was 9 to 12 ¼ cents in the red.
Weekly Crop Progress data showed condition ratings sorted out by crop with HRW regions up 1 point to 329 on average, with SRW states up 2 points to 377, and white wheat down 1 to 349.
Egypt’s GASC purchased 470,000 MT of wheat in their tender on Tuesday, with 180,000 MT Romanian, 120,000 MT French, 120,000 MT Ukrainian, and 50,000 MT from Bulgaria. Separately, Algeria purchased 800,000 MT of wheat in a tender on Tuesday. Japan’s Ministry of Ag is tendering for 103,767 MT of wheat from the US, Australia, and Canada, with 31,600 MT US specific.
Source Link: https://www.barchart.com/story/news/26625941/wheat-falls-as-international-business-picks-up
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