The wheat complex saw some strength on Wednesday. CBT soft red wheat futures posted gains of 7 cents in the front months on the session. KC HRW futures saw contracts 1 to 2 cents higher across the nearbys at the close. MPLS spring wheat held on to the gains on Wednesday, with contracts up 1 to 2 cents
US prices are competitive on the world market, and recent Export Sales reports have shown the business. Traders are looking for 500,000 to 800,000 MT of wheat sales in the week that ended on August 14.
Sovecon estimates the Russian wheat crop at 85.4 MMT, a slight 0.2 MMT increase from the previous number on better crops in Siberia and Urals. Syria has issued a tender for 200,000 MT of wheat, due to a lower domestic supply of the crop.
Sep 25 CBOT Wheat closed at $5.05 1/2, up 7 cents,
Dec 25 CBOT Wheat closed at $5.28 1/4, up 7 cents,
Sep 25 KCBT Wheat closed at $5.00 3/4, up 1 1/4 cents,
Dec 25 KCBT Wheat closed at $5.23 1/4, up 1 1/2 cents,
Sep 25 MGEX Wheat closed at $5.70, up 1 1/2 cents,
Dec 25 MGEX Wheat closed at $5.89, up 1 1/2 cents,
