Wheat Feels Pressure from the Grain Complex

Wheat futures saw 3 to 9 1/2 cent losses in most contracts on Thursday. USDA reported a total of 90,574 MT for old crop what export sales during the week of May 2. That was a MY low, as there is a large amount of outstanding sales left to be shipped before June 1. New crop sales exceeded expectations at 412,288 MT, a MY high. Shipments in that week were reported at 665,102 MT, as unshipped sales are still pegged at 4.237 MMT. March export data from Census showed 1.959 MMT in wheat shipments, down 13.4% from February and 7.61% below last year. Japan purchased 110,880 MT of wheat from US, Canada, and Australia in this week’s tender, with 32,405 MT from US.

Jul 19 CBOT Wheat closed at $4.29 1/2, down 9 1/2 cents,

Jul 19 KCBT Wheat closed at $3.97 3/4, down 5 3/4 cents,

Jul 19 MGEX Wheat closed at $5.17 1/4, down 3 1/4 cents

--provided by Brugler Marketing & Management

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