Wheat Market Heads Lower on Wednesday
![Wheat field on a beautiful summer day](https://media.barchart.com/contributors-admin/common-images/images/Agricultural Commodities/Wheat/Wheat field on a beautiful summer day.jpg)
The wheat complex closed the midweek session with weakness across all three exchanges. Chicago wheat contracts were own 8 ¼ to 9 ½ cents on the day. Kansas City futures were down 11 to 15 ½ cents at the close to lead the charge to the downside for the winter wheat contracts. MPLS spring wheat was down 6 to 16 ¼ cent across the board.
Forecasts for rain are sneaking into much of the Southern Plains over the next week, which have remained dry so far this spring. Additional pressure came from forecasts of rain in drier parts of the Russian growing regions.
Traders are expecting Thursday morning’s Export sales report to show net cancellations of 100,000 MT to sales of 100,000 MT for old crop wheat as we enter the last month of the marketing year. New crop sales are estimated in a range of 200,000-600,000 MT.
Egypt purchased 420,000 MT of wheat in their latest tender on Wednesday. Of that total, 360,000 MT was Russian origin, with 60,000 MT Romanian.
Jul 24 CBOT Wheat closed at $6.34, down 8 3/4 cents,
Sep 24 CBOT Wheat closed at $6.55, down 8 3/4 cents,
Jul 24 KCBT Wheat closed at $6.48 1/2, down 15 1/2 cents,
Sep 24 KCBT Wheat closed at $6.61 1/2, down 14 3/4 cents,
Jul 24 MGEX Wheat closed at $7.02 3/4, down 16 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.