Wheat Falls Late in the Day
Wheat futures declined across the three major exchanges on Thursday, with Chicago SRW, KC HRW, and MPLS spring wheat contracts all closing lower. Chicago front-month wheat fell 6 to 7 cents, KC was down 7 to 9 1/4 cents, and MPLS dropped 5 to 7 cents. Weekly U.S. wheat export sales were reported at 339,925 MT, within market expectations. The International Grains Council reduced its world wheat production estimate by 2 MMT to 799 MMT.
Wheat faded the earlier session strength on Thursday, as contracts were down across the three exchanges. Chicago SRW futures were down 6 to 7 cents in the front months. KC HRW was 7 to 9 1/4 cents lower on the session. MPLS spring wheat was 5 to 7 cents in the red.
All wheat export sales were tallied at 339,925 MT during the week of August 8, in the middle of the 200,000 and 500,000 MT estimates in this morning’s Export Sales report. The largest buyer was Mexico at 126,000 MT.
International Grains Council updates from this morning showed their world wheat production estimate at 799 MMT, a 2 MMT cut from the previous estimate. Consumption was raised by 1 MMT as stocks were down 3 MMT to 266 MMT.
Algeria purchased 500,000 MT of durum wheat in their tender on Thursday.
Sep 24 CBOT Wheat closed at $5.28 1/4, down 6 1/2 cents,
Dec 24 CBOT Wheat closed at $5.50 1/4, down 6 cents,
Sep 24 KCBT Wheat closed at $5.37, down 9 1/4 cents,
Dec 24 KCBT Wheat closed at $5.52 3/4, down 8 1/2 cents,
Sep 24 MGEX Wheat closed at $5.86 1/4, down 5 3/4 cents,
Dec 24 MGEX Wheat closed at $6.02, down 6 3/4 cents
Source Link : https://www.barchart.com/story/news/28046547/wheat-falls-late-in-the-day
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