“Prices were $.10-$.14 lower across all 3 classes today with pressure stemming from upcoming harvest from Northern Hemisphere winter crops. SovEcon reports Russia’s export price for spot wheat ranges from $248-$250 per ton FOB. New crop offers for the second half of July forward are established by IKAR at $225 mt/FOB, down $2 from the previous week. Weak demand from China for Australian wheat will likely lead to much higher stocks than previously expected. Australia’s shipments of wheat to China Oct-24 through Mch25 at only 546K metric tons are well below the 2.9 mmt shipped YA and 4.4 mmt the previous year,” wrote Mark Soderberg with ADM Investor Services.
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