US wheat futures closed mixed on Thursday, with Chicago Board of Trade wheat rising on technical buying while K.C. hard red winter wheat fell to multi-year lows as rains arrived in the Plains crop belt, traders said. MGEX spring wheat also fell, following the K.C. market down. Both K.C. and MGEX wheat set across-the-board contract lows.
Bull-spreading noted in CBOT wheat, with May gaining against back months on expectations of no deliveries during the contract's upcoming delivery period amid uncertainty about the quality of the 2015 soft red wheat harvest.
K.C. wheat futures fell as showers crossed parts of Kansas on Thursday.
The storms were forecast to expand in the central Plains this weekend, bringing 0.5 to 2 inches (1 to 5 cm) of much-needed rain to 80 percent of the hard red wheat belt through Monday.
K.C. May wheat dipped to $5.05-1/2 a bushel, the lowest spot price on a continuous chart since July 2010.
USDA reported export sales of US wheat in the latest week at 47,900 tonnes for 2014/15, a marking year low, and 112,500 tonnes for 2015/16.
Consultancy Strategie Grains raised its forecast of European Union 2014/15 soft wheat exports by 2.1 million tonnes, to a record 32.0 million, due to strong demand for milling and feed grades.
Comments
Comments are closed.