Wheat retracement done?
Chicago wheat tried to stage a Thursday recovery but faded a dime from the earlier highs to close 2 1/4 to 3 1/2 cents in the red. Spring wheat prices also faded 5-9 cents from their intra-day highs, but held onto 3 3/4 to 7 1/4 cent gains for the close. HRW futures extended the week’s pullback with another 5 3/4 to 7 1/2 cent losses on Thursday.
The weekly Export Sales report showed 155,167 MT of wheat was sold during the week that ended 6/22. Estimates were to see between 50k and 400k MT. By class, HRS makes up 30.3% of the committed 23/24 business. HRW sits at 22% with 30% for SRW.
Russia’s 23/24 wheat harvest has begun, according to the Ministry of Agriculture Russia has harvested 2 MMT of grains through 6/28 - ahead of last year’s pace. The Russian Federation has planted 55.6m HA through 6/28, which is more area than last year but the planting pace as a percentage of expected area is inline with average.
Jul 23 CBOT Wheat closed at $6.53, down 2 3/4 cents,
Sep 23 CBOT Wheat closed at $6.67 1/2, down 2 1/4 cents,
Cash SRW Wheat was $6.08 3/8, down 1 5/8 cents,
Jul 23 KCBT Wheat closed at $7.94 1/4, down 6 1/2 cents,
Cash HRW Wheat was $7.52, down 7 3/8 cents,
Jul 23 MGEX Wheat closed at $8.07 1/2, up 3 3/4 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.
The weekly Export Sales report showed 155,167 MT of wheat was sold during the week that ended 6/22. Estimates were to see between 50k and 400k MT. By class, HRS makes up 30.3% of the committed 23/24 business. HRW sits at 22% with 30% for SRW.
Russia’s 23/24 wheat harvest has begun, according to the Ministry of Agriculture Russia has harvested 2 MMT of grains through 6/28 - ahead of last year’s pace. The Russian Federation has planted 55.6m HA through 6/28, which is more area than last year but the planting pace as a percentage of expected area is inline with average.
Jul 23 CBOT Wheat closed at $6.53, down 2 3/4 cents,
Sep 23 CBOT Wheat closed at $6.67 1/2, down 2 1/4 cents,
Cash SRW Wheat was $6.08 3/8, down 1 5/8 cents,
Jul 23 KCBT Wheat closed at $7.94 1/4, down 6 1/2 cents,
Cash HRW Wheat was $7.52, down 7 3/8 cents,
Jul 23 MGEX Wheat closed at $8.07 1/2, up 3 3/4 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.
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