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May Wheat finished down 19 1/2 at 696 3/4, 6 1/4 off the high and equal to the low. July Wheat closed down 19 1/4 at 704 1/4. This was 2 1/4 up from the low and 19 3/4 off the high.
Chicago and Kansas City wheat traded sharply lower on the day after the USDA report for wheat was considered bearish against trader estimates. The 2012/13 US all wheat carryout was pegged at 731 million bushels, unchanged from the April estimate but the 2013/14 carryout was estimated at 670 million, up from trader estimates of 658 million. The 2013/14 all wheat production estimate came in at 2.057 billion bushels, down from trader estimates of 2.062 billion and compared with 2012/13 production of 2.269. World ending stocks for the 2013/14 season came in at 186.38 million tonnes, as compared with trader estimates of 184.40 million and up from 2012/13 ending stocks of 180.17. Australian production was estimated at 24.50 million tonnes, Canada at 29 million tonnes, and Russia at 56 million tonnes. Additional pressure was likely due to negative outside markets, particularly in the commodity sector and a stronger US dollar. The western plains saw rainfall this week which helped to limit any attempt at an advance higher.
July Oats closed down 4 at 378 1/2. This was 6 3/4 up from the low and 7 off the high.
*Disclaimer: The information in the Market Commentaries was obtained from sources believed to be reliable, but we do not guarantee its accuracy. Neither the information nor any opinion expressed therein constitutes a solicitation of the purchase or sale of any futures or options contracts.