“September wheat finished down 1/2, 2 1/2 off the high and 6 1/2 up from the low. December Wheat closed down 1 3/4. This was 5 3/4 up from the low and 3 1/2 off the high. A morning flash sale of 100,000 tonnes of HRW to Nigeria pushed Kansas City to a higher close, while Chicago ended slightly lower on the day, although the spread between the two continues to favor Kansas City. Weekly export sales this morning were in the upper half of expectations. LSEG lowered their US production estimate slightly to 52.8 million tonnes, citing a slight downtick in HRS conditions. HRS harvest has just started. Poland estimated their wheat harvest at 12.8 million tonnes, up 3% from last year. Chicago September wheat has taken out the May contract low today as the technical outlook weakens further. Kansas City, on the other hand, continues to move sideways just above recent lows.”
A Lee Enterprises, Incorporated newspaper. Majority shareholder: David Hoffmann, Hoffmann Media Group.
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