Wheat Markets Steady to 3 Lower on Foreign Weakness

Wheat futures are steady to 3 cents lower this morning, with MPLS spring wheat the firmest. Large world supply combined with increasing production in Ukraine and the EU pressured prices. Nearby French milling wheat futures closed at the lowest point since April 2018. Cash wheat prices there are reportedly about $186/MT vs. $245 following the more seriously drought hit crop a year ago. The weekly Crop Progress report from NASS on Monday showed spring wheat ratings in MN down 2 points on the Brugler500 index. ND conditions were unch, with SD up 7 points. Japan’s weekly MOA tender is for 110,057 MT of wheat sourced from the US and Canada, with 58,332 MT US specific.

--- provided by Brugler Marketing & Management

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