IKAR in Mass and Industry Media

Wheat Market Weaker Despite Large Export Sales

barchart.com

So far at Thursday’s midday, wheat futures are trading off their highs with the winter wheats lower. CBT SRW is down 3 to 6 cents, with KC HRW down 3 to 5 cents. MPLS spring wheat is up a penny to 6 cents at midday.

Wheat Market Weaker Despite Large Export Sales

The weekly Export Sales report showed a large export booking total in the week ending 7/7, of 1.017 MMT. That was the largest weekly total, not counting government shutdowns or MY rollovers since July 2013. China bought 265,300 MT, with South Korea buying 148,400 MT. An extra 30,000 MT was sold for new crop.

The Ukraine, Russian Federation, and Turkish Defense Minister, along with the United Nations, have all agreed to meet next week to sign an agreement outlining parameters of allowing the Ukraine to export grain via the Black Sea. As they say, the devil is in the details. Russia’s IKAR raised their Russian wheat production estimate by 1.8 MMT to 90.5 MMT

Sep 22 CBOT Wheat is at $8.05 1/2, down 5 1/4 cents,
Cash SRW Wheat is at $7.44 5/8, down 5 cents,
Sep 22 KCBT Wheat is at $8.58 1/4, down 4 cents,
Cash HRW Wheat is at $8.08 5/8, down 4 cents,
Sep 22 MGEX Wheat is at $9.19 3/4, up 6 cents.

https://barchart.com/story/news/9160294/wheat-market-weaker-despite-large-export-sales

18.07.22

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