Wheat Pressure Continues as Wet Forecast Covers US
Wheat futures slipped mid‑Wednesday: Chicago SRW down ~7¢ to $5.28½, KC HRW off ~7¼¢ to $5.38¾, Minneapolis spring wheat down ~5¢ to $5.90½. Broad U.S. rain forecasts and a firmer dollar weighed on prices, despite South Korea buying 50 k MT of U.S. wheat.
Wheat is trading with midday losses across the three markets on Wednesday. Chicago SRW futures are down 6 to 7 cents so far on the day. Kansas City HRW contracts is 7 to 8 cents in the red at midday. MPLS spring wheat is slipping 4 to 6 cents so far on the session.
The next few days shows precipitation across much of the US, with much of the area from the Rockies to the Appalachians expecting at least an inch. Heavier total are seen in eastern KS, OK, and western MO.
The US dollar index back up $0.800 to $99.485 so far on Wednesday, following the strength from Tuesday and putting some pressure on the market.
Overnight, South Korean mills purchased 50,000 MT of wheat from the US.
May 25 CBOT Wheat is at $5.28 1/2, down 7 cents,
Jul 25 CBOT Wheat is at $5.43 3/4, down 6 1/2 cents,
May 25 KCBT Wheat is at $5.38 3/4, down 7 1/4 cents,
Jul 25 KCBT Wheat is at $5.51, down 7 1/4 cents,
May 25 MGEX Wheat is at $5.90 1/2, down 5 cents,
Jul 25 MGEX Wheat is at $6.06, down 4 1/4 cents,
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Source : Nasdaq.com
