Wheat Faces Thursday Losses on Putin Comments

The wheat complex is trading with losses across the board at Thursday's midday, though pulling off lows. Chicago SRW contracts were down 12 to 21 cents at the close, but bulls battled back from early near limit losses. KC HRW futures were 13 to 20 1/4 cents lower. MPLS spring wheat was down 16 ½ to 20 cents on the session.

Early this morning Russia's President Putin stated there was a chance of the peace deal with Ukraine.

Export Sales data from this morning showed 313,516 MT of wheat sales in the week of August 27. That was a 3-week low, but up 0.17% from the same week last year. The largest buyer was Mexico at 80,400 MT, with 57,100 MT sold to the Philippines and 35,000 MT to Egypt.

Monthly Census data from this morning showed 1.648 MMT (60.55 mbu) of wheat shipped in July, which was down 27.46% yr/yr and a 4 year low.

Saudi Arabia issued a tender for 535,000 MT of wheat overnight, with a deadline for Friday.

Sep 26 CBOT Wheat closed at $7.36, down 18 3/4 cents

Dec 26 CBOT Wheat closed at $7.54 1/4, down 19 3/4 cents

Sep 26 KCBT Wheat closed at $7.98 1/2, down 16 1/4 cents

Dec 26 KCBT Wheat closed at $8.15 1/2, down 18 3/4 cents

Sep 26 MIAX Wheat closed at $7.40 3/4, down 20 cents

Dec 26 MIAX Wheat closed at $7.66 1/2, down 16 1/2 cents

On the date of publication, Austin Schroeder 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. This article was originally published on Barchart.com