The wheat complex is posting lower trade this morning, with prices down just fractionally to 7 cents. Wheat continued its batting slump on Friday, with contracts down across the three exchanges. Chicago posted losses of 3 ½ to 11 ¼ cents across the board, as July lost 51 ¼ cents for the full week. Kansas City futures were down 10 ¾ to 12 ½ cents to round out the week with July down 46 ¼ cents. MPLS spring wheat contracts were down 7 ¼ to 15 cents across the board, with July slipping 44 cents since last Friday.
USDA’s weekly Export Sales report showed the largest weekly sales total since mid-January at 589,695 MT. That was more than double the previous week and above the 200,000 to 500,000 MT estimates by traders ahead of the release. The top buyer was South Korea at 118,600 MT, as the Philippines were in for 108,300 MT.
On a septate export note, Taiwan purchased a total of 104,150 MT of wheat from the US. French firm, FranceAgriMer, left their soft wheat crop ratings alone on Friday. The crop was rated at 62% gd/ex. For reference, last year was 83%.
Jul 24 CBOT Wheat closed at $5.61 1/2, down 11 1/4 cents, currently down 6 1/4 cents
Sep 24 CBOT Wheat closed at $5.75 3/4, down 10 1/4 cents, currently down 3 3/4 cents
Jul 24 KCBT Wheat closed at $5.81 1/4, down 10 3/4 cents, currently down 3 3/4 cents
Sep 24 KCBT Wheat closed at $5.87, down 11 1/4 cents, currently down 4 1/2 cents
Jul 24 MGEX Wheat closed at $6.11 1/2, down 7 1/4 cents, currently down 1 cent
Sep 24 MGEX Wheat closed at $6.18 1/4, down 7 1/2 cents, currently down 1/2 cent
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