Wheat Comes Back to Close with Some Gains
The wheat complex reverted from the midday weakness on Thursday to close with some slight hard red wheat gains. CBT futures were the weakest and down factionally to 2 cents. Kansas City contracts were down up 2 to 4 ¼ cents at the close of the day. MPLS spring wheat was fractionally to 2 cents in the green.
USDA reported a private export sale of 100,000 MT of HRW wheat to Nigeria this morning for the current marketing year.
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Export Sales data showed a total of 592,119 MT wheat sold in the week ending on July 24, in the middle of trade estimates of 300,000 to 700,000 MT. That was back down from the week prior but still the second largest total for the marketing year. Unknown destinations was the top buyer of 196,600 MT, with 82, MT sold to the Philippines.
Late on Wednesday, President Trump announced a trade deal with South Korea, setting the US tariff on South Korean goods at 15%. The US and Mexico have also agreed to extend the tariff pause for another 90 days.
Sep 25 CBOT Wheat closed at $5.23 1/4, down 1/2 cent,
Dec 25 CBOT Wheat closed at $5.42 1/2, down 1 3/4 cents,
Sep 25 KCBT Wheat closed at $5.26 1/4, up 4 1/4 cents,
Dec 25 KCBT Wheat closed at $5.44 3/4, up 2 1/2 cents,
Sep 25 MGEX Wheat closed at $5.78 3/4, up 1/2 cent,
Dec 25 MGEX Wheat closed at $6.01 1/4, up 1 1/4 cents,
On the date of publication, Austin Schroeder did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here.
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