Wheat Lower at Midday
Wheat is trading lower as the market heads into midday trade. Chicago SRW futures are down 1 to 2 cents in the front months. KC HRW wis losing 4 to 5 cents at midday, while MPLS spring wheat is 2 to 3 cents lower.
All wheat export sales are expected to have totaled between 200,000 and 500,000 MT in the week that concluded on August 8 ahead of tomorrow morning’s Export Sales report.
Egypt’s GASC purchased just 280,000 MT of wheat in their tender on Monday, with the origins split by 180,000 MT of Ukrainian and 100,000 MT Bulgarian wheat. They are reportedly negotiating a large direct purchase of wheat outside of Monday’s tender, at somewhat higher money on Tuesday, though no outcome has been announced. One complication with the large tender has been the 270 day delay for payment, along with uncertainties about freight costs over a longer than usual time span.
Sep 24 CBOT Wheat is at $5.27 3/4, down 1 cent,
Dec 24 CBOT Wheat is at $5.50 1/4, down 1 1/2 cents,
Sep 24 KCBT Wheat is at $5.43 3/4, down 4 cents,
Dec 24 KCBT Wheat is at $5.58 1/2, down 4 cents,
Sep 24 MGEX Wheat is at $5.91, down 2 cents,
Dec 24 MGEX Wheat is at $6.08 1/2, down 3 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.
