Wheat Sees Weakness Ahead of USDA Report
The wheat complex posted losses across the three exchanges on Thursday, fading off early gains. Chicago SRW contracts were down 3 1/4 to 5 1/4 cents across board. KC HRW futures saw Thursday losses of 2 1/4 to 5 1/4 cents at the close. MPLS spring wheat was down 3 1/4 to 5 1/4 cents at the close
Exports Sales data from this morning showed 451,562 MT of wheat sold in the week ending on October 1. That was the second largest for the marketing year, but still just half of the same week last year. The Philippines was the top buyer of 112,000 MT, with 100,000 MT sold to South Korea and 62,900 MT to Japan.
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Analysts surveyed by Bloomberg are looking for US wheat stock to be raised by 4 mbu to 721 mbu in the WASDE this Friday.
A Taiwan flour mill purchased 105,800 MT of wheat from the US in a tender overnight.
Dec 26 CBOT Wheat closed at $6.83 1/4, down 3 1/4 cents,
Mar 27 CBOT Wheat closed at $6.97 3/4, down 3 1/4 cents,
Dec 26 KCBT Wheat closed at $7.36 1/4, down 2 1/4 cents,
Mar 27 KCBT Wheat closed at $7.49, down 3 cents,
Dec 26 MIAX Wheat closed at $7.06, down 4 1/4 cents,
Mar 27 MIAX Wheat closed at $7.24 1/2, down 5 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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