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Wheat Markets Lower on Turnaround Tuesday Fading of Monday GainsWheat futures were lower in a Turnaround Tuesday performance, fading gains from Monday. Chicago SRW futures settled 4 ¼ to 5 ¼ lower. Kansas City HRW contracts were down 4 to 5 cents at the close. MPLS spring wheat settled mostly 7 ¼ to 7 ½ cents lower than where it was on Monday evening. Crop Progress data from USDA showed 76% of US winter wheat area harvested as of July 21, a 4% lead over the 5-year average pace. As for the spring wheat crop, 89% was listed as headed, 1% behind the 5-year average. HRS condition ratings were unchanged on the week at 67% good/excellent, as the Brugler500 rating dropped 1 point to 383 on a 2% increase in poor/very poor ratings. These still imply high average yields. SovEcon gave their Russian wheat crop estimate a 0.1 MMT revision higher this morning, now at 84.2 MMT, and compared to USDA’s 83 MMT projection. EU exports have totaled 1.44 MMT so far in the marketing years from July 1 to July 21, compared to the 2.21 MMT in the same period last year. AAFC (Canada) in confirming WASDE’s estimate for wheat production, releasing a 35.43 MMT number this week. USDA was at 35 MMT in the July 12 WASDE report. Sep 24 CBOT Wheat closed at $5.42 3/4, down 5 1/4 cents, Dec 24 CBOT Wheat closed at $5.67 3/4, down 5 1/4 cents, Sep 24 KCBT Wheat closed at $5.66 3/4, down 5 cents, Dec 24 KCBT Wheat closed at $5.83 1/4, down 4 3/4 cents, Sep 24 MGEX Wheat closed at $6.15 1/2, down 7 1/4 cents, Dec 24 MGEX Wheat closed at $6.33, down 7 1/4 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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