Wheat is showing losses at the midweek session. Chicago SRW futures are down 10 to 12 ½ cents across the front months. KC HRW is down 10 to 11 cents in the nearbys. MPLS spring wheat is down 8 to 10 cents at midday. Not only are the US futures feeling pressure this morning, as French Milling Wheat Futures were heading lower on Wednesday.
Canadian railway workers are expected to go on strike at midnight, which could impact some US export business along the bordering US states.
Thursday morning’s Export Sales report is expected to show between 250,000 MT and 500,000 MT of sales for the week that ended on August 15, according to a Reuters survey of analysts.
South Korean importers purchased 50,000 MT of US wheat in their tender on Wednesday. Ukraine’s ag ministry has proposed an export limit of 16.2 MMT for wheat in 2024/25 for the July 1 through June 30 period. USDA’s last two MY totals for Ukraine exports (June 1 – May 31) at 17.12 and 18.4 MMT, with the current 2024/25 projection at 14 MMT.
Sep 24 CBOT Wheat is at $5.20 1/2, down 12 1/2 cents,
Dec 24 CBOT Wheat is at $5.44 3/4, down 11 3/4 cents,
Sep 24 KCBT Wheat is at $5.35, down 11 cents,
Dec 24 KCBT Wheat is at $5.50 3/4, down 10 1/2 cents,
Sep 24 MGEX Wheat is at $5.82 1/4, down 8 cents,
Dec 24 MGEX Wheat is at $5.97 1/4, down 9 1/4 cents,
On the date of publication, Alan Brugler 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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