Hard Red Wheat Futures Market News and Commentary
Front month wheat futures fell double digits on Wednesday. For SRW, that left the market 2% to 2.6% lower as July got back near the $6 mark. KC Wheat futures ended the session 18 1/2 to 29 1/4 cents in the red with a 3.5% loss in July. Spring wheat closed with 17 1/4 to 22 3/4 cent losses of as much as 2.8%.
Ahead of the weekly FAS data, analysts are looking for USDA to report between 75k MT of old crop wheat cancelations and 100k MT of net new old crop sales. New crop export sales are estimated between 200k MT and 500k MT for the week that ended 5/18.
Ukraine’s Ag Ministry reported the season’s grain export was 4.6% behind last year’s pace with 44.6 MMT shipped – including 15.3 MMT of wheat, an 18% decrease yr/yr.
Jul 23 CBOT Wheat closed at $6.06 1/4, down 16 cents,
Sep 23 CBOT Wheat closed at $6.19, down 15 1/2 cents,
Cash SRW Wheat was $5.45 1/4, down 16 cents,
Jul 23 KCBT Wheat closed at $8.12 1/4, down 29 1/4 cents,
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