Wheat

Wheat futures ended the session with KC contracts steady, CBT 1-2 higher and MPLS up 4-4 3/4 cents. Support from corn spilled over to help ease pressure from a sharply higher US dollar index on Tuesday. Informa numbers released on Tuesday put all spring wheat other than Durum at 12.4 million acres, down from the USDA’s 12.6 million acres. Condition ratings in KS were down 1 point last week to 247, with OK up 15 and TX 2 points better. Spring wheat planting is progressing, but Washington is the only of the 6 states to show progress matching the average pace. Japan is seeking 89,937 MT of wheat from the US, Canada, and Australia. The weekly MOA tender will close Thursday, with 33,992 MT sought from the US. Egypt’s GASC purchased just 60,000 MT of Ukrainian wheat in their latest tender on Tuesday. Keep in mind that this was during local harvest, when they usually don’t buy much.

Jul 18 CBOT Wheat closed at $4.93 1/2, up 2 1/4 cents,

Jul 18 KCBT Wheat closed at $5.09 3/4, unch,

Jul 18 MGEX Wheat closed at $6.06 1/4, up 4 3/4 cents




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