Wheat Slides as Russian Crop Increases

By Alan Brugler

The wheat market continued this week’s pullback into the holiday. Chicago futures were down 1 ¾ to 7 cents on the session. Kansas City contracts closed Wednesday with 5 ½ to 8 ¾ cent losses. Spring wheat was 7 to 12 cents lower across the MGE board.

May wheat exports totaled 1.589 MMT (58.4 mbu), which was a 3-year high. That took the total for the marketing year, including products, to 715 mbu, which is 5 mbu shy of the USDA full year estimate. That will be revised lower next Friday.

The Friday morning Export Sales report is expected to show all wheat sales totaling 350,000 to 700,000 MT in the week that ended on June 27.

On Wednesday, SovEcon raised their Russian wheat production estimate by 3.4 MMT to 84.1 MMT, after several previous cuts. 

Jul 24 CBOT Wheat  closed at $5.54 1/2, down 7 cents,

Sep 24 CBOT Wheat  closed at $5.74, down 7 cents,

Jul 24 KCBT Wheat  closed at $5.81 1/2, down 11 1/2 cents,

Sep 24 KCBT Wheat  closed at $5.83 1/2, down 8 3/4 cents,

Jul 24 MGEX Wheat  closed at $6.21, down 7 cents,

Sep 24 MGEX Wheat  closed at $6.22 3/4, down 8 1/4 cents

This article has been republished from The Nasdaq.