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Wheat Closes on the Lower Side of Unchanged
The wheat complex slipped lower into the Wednesday close as a stronger dollar weighed on things. Chicago contracts were down 2 to 7 1/2 in the front months, with back months up 1 to 5 cents. Kansas City futures were down 1 to 11 ½ cents at the close. MPLS spring wheat was down 5 to 10 cents when the final bell rang.
The NASS Crop Progress report showed a breakdown of the winter wheat crops at average of 328 for the HRW crop, down 3 points, with the SRW dropping 6 points to 375, while white wheat regions were up 2 points to 350.
India is expected to lift the 40% wheat import tax this year to help alleviate higher prices and sure up drawdown reserves. The deadline Taiwan tender of 96,850 MT of US wheat is due on Thursday.
Jul 24 CBOT Wheat closed at $6.92 3/4, down 7 1/2 cents,
Sep 24 CBOT Wheat closed at $7.13 3/4, down 6 3/4 cents,
Jul 24 KCBT Wheat closed at $7.19 3/4, down 11 1/2 cents,
Sep 24 KCBT Wheat closed at $7.33 3/4, down 11 cents,
Jul 24 MGEX Wheat closed at $7.52, down 5 1/2 cents,
Sep 24 MGEX Wheat closed at $7.61, down 5 1/2 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.