Wheat

Wheat futures also joined in the selloff ahead of the weekend, with winter wheat contracts steady to 4 cents lower. MPLS spring wheat was down 6 to 7 1/4 cents. Export sales of old crop wheat were reported at 112,265 MT this morning, exceeding most expectations. That was 78% larger than a week ago, but down 44.4% from a year ago. Actual exports in the week of 5/17 were tallied at 362,161 MT, just half of the same time last year. Japan purchased 96,870 MT of US and Canadian wheat in their weekly MOA tender on Thursday, with 63,735 MT US origin. Algeria also purchased wheat in a recent tender, totaling 700,000 MT of optional origin. Russia’s SovEcon trimmed their 18/19 wheat production estimate by 1.2 MMT to 77 MMT.

Jul 18 CBOT Wheat closed at $5.30 1/4, down 3/4 cent,

Jul 18 KCBT Wheat closed at $5.49, down 2 3/4 cents,

Jul 18 MGEX Wheat closed at $6.34 3/4, down 7 1/4 cents




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