Wheat Heads Lower into the Wednesday Close
Wheat futures slipped on Wednesday as CBT soft red wheat edged down a penny, KC HRW fell 3–4¾ cents, and MGEX spring wheat was largely unchanged. Algeria purchased \~600,000 MT and South Korea 50,000 MT. USDA weekly export sales for the week ending Sept. 18 are expected between 300,000–600,000 MT.
The wheat market was in retreat mode late on Wednesday. CBT soft red wheat futures were steady to down a penny at the close. KC HRW futures fell back by 3 to 4 3/4 cents on the session. MPLS spring wheat futures closed the day with contracts off the highs and near unchanged in the nearbys and as much as a penny higher in other contracts.
The weekly USDA Export Sales data is expected to show between 300,000 MT and 600,000 MT of wheat sales in the week ending on September 18.
Algeria purchased nearly 600,000 MT wheat in a tender on Tuesday. South Korean mills purchased a total of 50,000 MT of wheat for import from the US overnight.
Dec 25 CBOT Wheat closed at $5.19 1/2, down 1 cent,
Mar 26 CBOT Wheat closed at $5.38, down 1 cent,
Dec 25 KCBT Wheat closed at $5.06 3/4, down 4 3/4 cents,
Mar 26 KCBT Wheat closed at $5.28 1/4, down 4 1/4 cents,
Dec 25 MGEX Wheat closed at $5.68 3/4, unch,
Mar 26 MGEX Wheat closed at $5.88 3/4, unch .
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Source : Nasdaq.com
