Wheat Markets Recover on Thursday

At the closing bell on Thursday, the domestic wheat futures markets were in the black. Chicago futures closed the day 5 1/2 to 6 1/2 cents higher. KC HRW futures were up by 6 to 7 1/4 cents. Spring wheat futures rallied 2 to 4 3/4 cents on the day. The weekly Export Sales report noted 357,900 MT of wheat booked on the week ending August 6. That was down 39% wk/wk and 20% below the same week last year. Accumulated commitments through the first 10 weeks are 7.78% ahead of last year’s pace. The August WASDE has 975 mbu of wheat to be exported this MY. That increased the U.S. market share 0.29 ppts yr/yr to 14.12% of the global export supply. That shift came mainly via EU and Ukraine, which are forecasted with 14% and 9.5% market shares respectively. Egypt’s GASC purchased 415,000 MT of Russian wheat in their tender on Thursday. Jordan issued an international wheat tender for 120k MT.

Sep 20 CBOT Wheat closed at $4.96 3/4, up 5 1/2 cents,

Sep 20 KCBT Wheat closed at $4.25, up 7 1/4 cents,

Sep 20 MGEX Wheat closed at $4.97, up 4 3/4 cents,

--- provided by Brugler Marketing & Management




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