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Wheat Closes in Red

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Thursday trading ahead of the extended weekend left wheat futures lower. KC HRW futures were hit the hardest, closing down by 7 3/4 to 8 3/4 cents. July HRW futures were down 15 1/4 on Thursday but were still up 1.7% on the week. Chicago SRW wheat closed 5 3/4 to 8 3/4 cents lower, with Sept at $4.92/bu. The Sept MPLS/CHI premium shrank a half penny on Thursday to 18 1/4 cents. The other spring wheat futures were down 6 1/4 to 11 1/2 cents on Thursday. Weekly wheat export sales were on the high end of expectations, reported at 414,254 MT on the week ending June 25. That was down 20% wk/wk but exceeded the same week last year by 50%. Wheat shipments were 508,628 MT on the week bringing the MY total through week 4 to 1.878 MMT. Mexico (8k) and unknown (67k) had purchased 75,000 MT of 2021/22 wheat. Wheat Exports during the month of May were reported at 86.25 mbu. Census data showed that 2019/20 wheat exports were 5.8% above 2018/19. Thailand is seeking 236,800 MT of optional origin wheat in an international tender.

Jul 20 CBOT Wheat closed at $4.90, down 8 3/4 cents,

Jul 20 KCBT Wheat closed at $4.27 1/4, down 15 1/4 cents,

Jul 20 MGEX Wheat closed at $4.95 3/4, down 11 1/2 cents,

--- provided by Brugler Marketing & Management

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