Wheat Mostly Lower on Profit Taking

Wheat futures closed the Wednesday session with most winter wheat contracts 2 to 6 cents lower. Traders were taking profits after gains over the past week. MPLS was steady to 3/4 cents higher in the front months, with deferred contracts lower. Ahead of USDA’s Export Sales update on Thursday, traders are expecting old crop wheat activity will be anywhere from net reductions of 100,000 MT to sales of 200,000 MT. That was for the week of May 16, with new crop sales seen at 100,000-500,000 MT.

Jul 19 CBOT Wheat closed at $4.72 3/4, down 6 cents,

Jul 19 KCBT Wheat closed at $4.32 1/4, down 3 3/4 cents,

Jul 19 MGEX Wheat closed at $5.43 3/4, up 3/4 cent

--provided by Brugler Marketing & Management




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