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July Wheat finished down 3 1/2 at 663 1/2, 9 1/2 off the high and 1 up from the low. December Wheat closed down 3 1/4 at 689. This was 1 up from the low and 9 off the high.
Wheat futures traded lower on the day with the KC July seeing significant pressure on reports of much better yields in portions of the growing region. Strong demand data failed to support the market as corn sank lower. Net weekly export sales came in at a whopping 731,800 tonnes for the current marketing year, up from 433,000 tonnes the week prior and no sales were reported for the next marketing year. Brazil continued their buying binge of US KC wheat in the last week which helped to improve the total sales volume vs. week ago levels. As of June 20th, cumulative sales stand at 32% of the USDA forecast versus a 5 year average of 23%. Sales of 364,000 tonnes are needed each week to reach the USDA forecast, down from 371,000 tonnes the week prior. Export sales continue to come in at a robust weekly pace despite US wheat being overpriced relative to other major export origins. Strong demand from Latin America and SE Asia are seen as supportive factors. The European Union granted export licenses for 192,000 tonnes of soft wheat this week taking the total since the beginning of the 2012/13 marketing year to 18.75 million tonnes. Crop conditions remain mostly favorable for the 13/14 French and German crops which has kept pressure on Paris milling wheat futures in the month of June. Harvest continues to move forward in the US which is helping to pressure the futures market along with a souring technical outlook. It was also reported midday that South Korea has purchased 1 million tonnes of wheat from India.
July Oats closed up 1 1/2 at 385 1/4. This was 4 up from the low and 3/4 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.