Wheat Heading Lower on Thursday
Wheat prices fell on Thursday across all exchanges. Chicago SRW futures dropped 8-9 cents, KC HRW decreased 4-5 cents, and MPLS spring wheat fell 8-9.5 cents. Export sales for the week ending August 15 were strong at 492,663 MT, with the Philippines and Mexico as top buyers. Canadian rail strikes may impact U.S. exports. CBOT and KCBT wheat futures are down 8-8.25 cents, while MGEX wheat is down 8.75 cents.
Wheat is slipping lower on Thursday as all three exchanges are being pressured at midday. Chicago SRW futures are down 8 to 9 cents across the nearby contracts. KC HRW is 4 to 5 cents lower. MPLS spring wheat is down 8 to 9 ½ cents across the front months.
This morning’s Export Sales report showed 492,663 MT in the week of August 15, on the high end of the 250,000 MT and 500,000 MT estimated range and a 5-week high. The Philippines was the top buyer of 116,000 MT, with Mexican importers buying 110,500 MT.
Japan’s weekly ministry of ag tender showed purchases of 81,442 MT of US and Canadian wheat, with 53,562 MT US specific.
Canadian railway workers went on strike at overnight, halting railroad movement across the country. This will likely also impact some US export business along the bordering states.
Sep 24 CBOT Wheat is at $5.11 3/4, down 8 cents,
Dec 24 CBOT Wheat is at $5.35 3/4, down 8 1/4 cents,
Sep 24 KCBT Wheat is at $5.32 1/4, down 4 cents,
Dec 24 KCBT Wheat is at $5.47 3/4, down 4 cents,
Sep 24 MGEX Wheat is at $5.72 1/2, down 8 3/4 cents.
Source Link : https://www.nasdaq.com/articles/wheat-heading-lower-thursday
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