ADM Wheat Comments

ADM Wheat Comments
ADM Wheat Comments

WHEAT

Wheat futures traded higher on low volume. Light delivers on July contracts offered support. Recent U.S rains has slowed US winter wheat harvest. USDA estimated harvest near 15 pct done versus 34 average. OK is 43 vs 78. KS is 5 vs 36. MO is 18 vs 51. USDA rated the crop 61 pct good/excellent vs 64 last week and 37 last year. USDA also rated the US spring wheat crop 75 percent good/excellent versus 77 last week and 77 last year.

Weekly US wheat export sales are estimated to be near 200-500 mt vs 187 last week. Stats Canada,estimated total 2019 Canada wheat acres near 24.6 million versus 25.6 expected and 24.7 last year. Fridays USDA acreage and stocks report could be a little negative.

Needed rains in Canada and SW Russia offers resistance to prices. Funds are net long 23,000 Chicago wheat futures. Sep Chicago wheat futures. Support is near 5.20. Resistance 5.60.

 

 

Weekly Wheat Exports June 26

 

 

 

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