Wheat Facing Continued Weakness on Thursday
The wheat complex is looking at weaker trade on Thursday. Chicago SRW is showing 4 to 5 ¼ cent losses. KC HRW futures are 7 to 8 ½ cents lower at midday. MPLS spring wheat is down 11 to 12 cents so far on the day.
USDA’s Export Sales report from this morning showed 267,553 MT of wheat sales in the week of 9/17, with shy of traders looking for between 350,000 MT and 600,000 MT. That was the 4th lowest total for the marketing year and 50.44% below the same week last year.
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The next 7 days shows 2 to 4 inches of rain expected from the Panhandle of TX to NE, according to NOAA’s 7-day QPF. That adds much needed soil moisture to some dry areas but does slow planting progress.
Dec 26 CBOT Wheat is at $7.04, down 4 1/2 cents,
Mar 27 CBOT Wheat is at $7.19, down 5 1/4 cents,
Dec 26 KCBT Wheat is at $7.64 1/2, down 7 1/4 cents,
Mar 27 KCBT Wheat is at $7.77, down 8 1/2 cents,
Dec 26 MIAX Wheat is at $7.17, down 11 3/4 cents,
Mar 27 MIAX Wheat is at $7.38 3/4, down 11 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.
