Wheat Sees Weakness on Wednesday

Wheat futures saw losses of 7 to 14 cents in most contracts on Wednesday, pressured by profit taking. USDA’s Export Sales report is expected to show 200,000-500,000 MT in 19/20 export bookings during the first full week of the new MY. Egypt’s GASC bought 290,000 MT of wheat from Romania (180,000 MT) and Russia (110,000 MT), as US presented no offers. US FOB prices are not competitive on the world market at the moment

Jul 19 CBOT Wheat closed at $5.22 1/4, down 9 1/4 cents,

Jul 19 KCBT Wheat closed at $4.57 1/2, down 7 3/4 cents,

Jul 19 MGEX Wheat closed at $5.41 1/2, down 10 3/4 cents

--provided by Brugler Marketing & Management

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