Wheat Markets All Lower As Harvest Advances

Wheat futures ended the Wednesday session with most contracts 2 to 5 cents in the red. Dry and warm weather are allowing for the winter wheat harvest to move north. All wheat export sales during the week that ended on July 11 are expected to be in the range of 200,000-400,000 MT. Egypt’s GASC purchased just 60,000 MT of Russian wheat in their tender on Wednesday, with no US offers present. US FOB prices are ~$20/ton above other major competitors, leaving them out of most major markets unless there are specific quality specs or a freight advantage (i.e. close to the US).

SEP 19 CBOT Wheat closed at $5.05 1/2, down 2 cents,

SEP 19 KCBT Wheat closed at $4.41 3/4, down 4 1/2 cents,

SEP 19 MGEX Wheat closed at $5.27 3/4, down 2 1/2 cents

--provided by Brugler Marketing & Management




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