Wheat Pushing Lower at Midday

beautiful landscape of sunset over corn field

The wheat markets are heading lower at midday, pressed by the winter wheat. Chicago contracts are down 8 to 9 cents at midday, as well as the Kansas City futures. Minneapolis spring wheat is steady to 3 cents in the red at midday.

USDA will release the weekly Export Sales report on Thursday. Most in the trade are expecting another light round of old crop sales as we near the end of the MY, with net reduction of 100,000 to net sales of 200,000 MT. Estimates for new crop are in a range of 150,000-400,00 MT. 

Egypt’s GASC purchased 120,000 MT of Ukrainian wheat in their tender on Tuesday. Japan is seeking 94,612 MT of wheat from the US and Canada, with 34,272 MT US specific.

May 24 CBOT Wheat  is at $5.41 1/2, down 8 1/4 cents,

Jul 24 CBOT Wheat  is at $5.56 1/4, down 8 1/2 cents,

May 24 KCBT Wheat  is at $5.79 1/4, down 8 1/4 cents,

Jul 24 KCBT Wheat  is at $5.74 1/4, down 8 3/4 cents,

Jul 24 MGEX Wheat  is at $6.42, 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.