Wheat Pulling Off Lows, but Still Feeling Friday Pressure
The wheat complex is trading with contracts 3 to 7 cents lower at midday, but bouncing off the early session lows. Chicago SRW is showing 6 to 7 cent losses on the day. KC HRW futures are slipping 5 to 6 cents at midday, but well off the early losses. MPLS spring wheat is down 3 to 5 cents across most front months at midday.
Several middle eastern countries including Turkey, Egypt and India are in talks over the Black Sea and safe shipment.
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USDA’s Export Sales data has the US wheat sales commitments at 9.449 MMT, down 31% from last year. That was 45% of the USDA export projection, with the average sales pace at 54%.
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 $7.00 3/4, down 6 1/4 cents,
Mar 27 CBOT Wheat is at $7.15 1/2, down 6 cents,
Dec 26 KCBT Wheat is at $7.61 1/4, down 5 3/4 cents,
Mar 27 KCBT Wheat is at $7.73 1/2, down 6 cents,
Dec 26 MIAX Wheat is at $7.16 3/4, down 3 1/2 cents,
Mar 27 MIAX Wheat is at $7.36 1/4, down 5 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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