To start the week wheat opened the session lower but managed to recover early overnight but wheat faded those gains and extended losses into the day session. Early support came from news that Bangladesh has agreed to buy 700 TMT of US wheat for the next 5 years. Bangladesh usually buys Black Sea wheat. Support was also due to this morning’s friendly export shipments estimate, which came in above expectations. But once the day session started wheat faded its gains due to spill over pressure from the other grains as well as from improving weather conditions. Good rains were reported in much of the Northern Plains and Canadia Prairies over the weekend and forecast are calling was temps to moderate slightly. This will help advance harvest activity in the Southern Plains and help push the Norther crop toward maturity.
In Tuesday’s session wheat opened mixed with MW steady while winter wheat was lower. Early support came from Monday afternoon’s Crop Progress report. But the pressure from the other grains proved to be too much for the light trading volume in the overnight session as wheat took the path of least resistance and followed corn and soybeans into the red. Light selling pressure was due to the report of rain moving across the states of ND and SD, which will likely help the spring wheat crop. Buying strength returned to the wheat exchanges once the day session started due to renewed support from Monday’s friendly Crop Progress report, which showed an almost wrapped up winter wheat harvest and a larger decline in spring wheat conditions than expected.
Wheat started Wednesday’s session steady to lower and extended session losses throughout the night and into the day. Early selling was tied to news that Russia and Ukraine are in peace talks in Turkey. Although neither side is expecting to see any resolve, it is a start. Losses were limited by news of trade deals as the administration is saying they have signed trade deals with Japan, Indonesia, and Philippines. And there is even talk of a trade deal being wrapped up with the EU. The Wheat Quality Tour completed day 1 yesterday. The first day tour came in with a yield of 49.8 bus vs 52.5 bus las year. Today’s tour will hit the western regions of ND and end up in Devils Lake tonight. Technically wheat is either at (MW) or near (Chicago, KC) contract lows.
On Thursday wheat opened the session mixed with MW steady to lower while the winter wheat exchanges were higher. Last week’s strong export sales pace helped to support wheat early as last week’s sales were larger than expected. Support was also due to technical buying as all three wheat exchanges tried to bounce off lows. Wheat faded it gains once the day session started with selling tied to comfortable world stocks. KC was the only wheat exchange capable of holding gains during the day session with support coming from post-harvest rally. The second day of the Wheat Quality Tour wrapped up yesterday. Day two’s yield was estimated at 46.2 bus vs 52.5 bus last year. The Wheat Quality Tour completed day 1 yesterday. The first day tour came in with a yield of 49.8 bus vs 52.5 bus las year. Technically wheat’s picture remains concerning.
Sept MIAX MW support is $5.85, Sept CME MW support is $5.50, Sept Chicago wheat support is $5.15, Sept KC support is $5.15.
For the week, Sept Mpls MIAX was at $5.8475 down 10.75 cents, Sept CME HRS was at $5.45 down 29.5 cents, Sept Chicago was at $5.3825 down 8.0 cents, Sept KC was at $5.265 down 2.5 cents.
Wheat Weekly Comments July 25
Wheat Weekly Comments July 25
To start the week wheat opened the session lower but managed to recover early overnight but wheat faded those gains and extended losses into the day session. Early support came from news that Bangladesh has agreed to buy 700 TMT of US wheat for the next 5 years. Bangladesh usually buys Black Sea wheat. Support was also due to this morning’s friendly export shipments estimate, which came in above expectations. But once the day session started wheat faded its gains due to spill over pressure from the other grains as well as from improving weather conditions. Good rains were reported in much of the Northern Plains and Canadia Prairies over the weekend and forecast are calling was temps to moderate slightly. This will help advance harvest activity in the Southern Plains and help push the Norther crop toward maturity.
In Tuesday’s session wheat opened mixed with MW steady while winter wheat was lower. Early support came from Monday afternoon’s Crop Progress report. But the pressure from the other grains proved to be too much for the light trading volume in the overnight session as wheat took the path of least resistance and followed corn and soybeans into the red. Light selling pressure was due to the report of rain moving across the states of ND and SD, which will likely help the spring wheat crop. Buying strength returned to the wheat exchanges once the day session started due to renewed support from Monday’s friendly Crop Progress report, which showed an almost wrapped up winter wheat harvest and a larger decline in spring wheat conditions than expected.
Wheat started Wednesday’s session steady to lower and extended session losses throughout the night and into the day. Early selling was tied to news that Russia and Ukraine are in peace talks in Turkey. Although neither side is expecting to see any resolve, it is a start. Losses were limited by news of trade deals as the administration is saying they have signed trade deals with Japan, Indonesia, and Philippines. And there is even talk of a trade deal being wrapped up with the EU. The Wheat Quality Tour completed day 1 yesterday. The first day tour came in with a yield of 49.8 bus vs 52.5 bus las year. Today’s tour will hit the western regions of ND and end up in Devils Lake tonight. Technically wheat is either at (MW) or near (Chicago, KC) contract lows.
On Thursday wheat opened the session mixed with MW steady to lower while the winter wheat exchanges were higher. Last week’s strong export sales pace helped to support wheat early as last week’s sales were larger than expected. Support was also due to technical buying as all three wheat exchanges tried to bounce off lows. Wheat faded it gains once the day session started with selling tied to comfortable world stocks. KC was the only wheat exchange capable of holding gains during the day session with support coming from post-harvest rally. The second day of the Wheat Quality Tour wrapped up yesterday. Day two’s yield was estimated at 46.2 bus vs 52.5 bus last year. The Wheat Quality Tour completed day 1 yesterday. The first day tour came in with a yield of 49.8 bus vs 52.5 bus las year. Technically wheat’s picture remains concerning.
Sept MIAX MW support is $5.85, Sept CME MW support is $5.50, Sept Chicago wheat support is $5.15, Sept KC support is $5.15.
For the week, Sept Mpls MIAX was at $5.8475 down 10.75 cents, Sept CME HRS was at $5.45 down 29.5 cents, Sept Chicago was at $5.3825 down 8.0 cents, Sept KC was at $5.265 down 2.5 cents.