CBOT wheat futures fall on export competition
CHICAGO, Aug 13 (Reuters) -Chicago Board of Trade wheat futures dipped on Tuesday due to competition from cheaper Black Sea crops, as Egypt negotiated large direct wheat purchases.
CBOT's most-active September soft red winter wheat WU24 settled down 8 cents at $5.28-3/4 per bushel.
K.C. September hard red winter wheat KWU24 ended down 1/2 cent at $5.47-3/4 per bushel, but MGEX September spring wheat MWEU24 rose 3/4 cent to $5.93 per bushel.
Egypt is negotiating large direct wheat purchases, traders said, after buying only 280,000 metric tons in a tender that sought up to 3.8 million tons on Monday.
The USDA rated the nation's wheat crop at 72% good to excellent in its weekly crop progress and condition report, down from 74% the previous week.
The agency said the spring-wheat harvest was 18% complete, slightly higher than analyst expectations of 17%, while the winter-wheat harvest was seen as nearly done at 93%.
Reporting by Renee Hickman; Editing by Rod Nickel
Latest News
Disclaimer: The XM Group entities provide execution-only service and access to our Online Trading Facility, permitting a person to view and/or use the content available on or via the website, is not intended to change or expand on this, nor does it change or expand on this. Such access and use are always subject to: (i) Terms and Conditions; (ii) Risk Warnings; and (iii) Full Disclaimer. Such content is therefore provided as no more than general information. Particularly, please be aware that the contents of our Online Trading Facility are neither a solicitation, nor an offer to enter any transactions on the financial markets. Trading on any financial market involves a significant level of risk to your capital.
All material published on our Online Trading Facility is intended for educational/informational purposes only, and does not contain – nor should it be considered as containing – financial, investment tax or trading advice and recommendations; or a record of our trading prices; or an offer of, or solicitation for, a transaction in any financial instruments; or unsolicited financial promotions to you.
Any third-party content, as well as content prepared by XM, such as: opinions, news, research, analyses, prices and other information or links to third-party sites contained on this website are provided on an “as-is” basis, as general market commentary, and do not constitute investment advice. To the extent that any content is construed as investment research, you must note and accept that the content was not intended to and has not been prepared in accordance with legal requirements designed to promote the independence of investment research and as such, it would be considered as marketing communication under the relevant laws and regulations. Please ensure that you have read and understood our Notification on Non-Independent Investment. Research and Risk Warning concerning the foregoing information, which can be accessed here.
