Wheat Lower in All Three US Markets, Spreads Contract

Wheat futures are 1 to 2 cents lower in the MPLS market, 4 to 5 lower in KC HRW and 6 to 7 lower in Chicago SRW this morning. They ended the Wednesday session with most contracts 2 to 5 cents in the red. Dry and warm weather is 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 origin offers. US FOB prices are ~$20/ton above other major competitors. The US does have opportunities in some markets due to freight or special baking qualities. --provided by Brugler Marketing & Management

Market Commentary provided by:

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