CBOT wheat futures edge up amid strong US weekly exports
CHICAGO, July 24 (Reuters) - Chicago Board of Trade wheat futures recouped some losses on Thursday, though expectations of ample global supplies and strength in the U.S. dollar .DXY capped the gains, market analysts said.
Net U.S. wheat export sales for the week ended July 17 came in at 712,000 metric tons, on the high end of a range of trade estimates.
CBOT September soft red winter wheat WU25 closed up 1 cent at $5.41-1/2 per bushel.
K.C. September hard red winter wheat KWU25 ended up 5 cents at $5.28-1/2 a bushel.
Minneapolis September spring wheat MWEU25, which set a fresh contract low during the session, settled down 2-1/2 cents at $5.88-1/2 a bushel.
U.S. wheat is now cheaper than wheat from Europe or top exporter Russia, where a large harvest is beginning to flow into the market.
Scouts on an annual North Dakota crop tour on Thursday projected hard red spring wheat yields in the top-producing state will average 49.0 bushels per acre, down from a record 54.5 bushels per acre last year, according to records going back to 1992. The results were released after the market closed on Thursday.
The figure was below the U.S. Department of Agriculture's forecast for the state of 59 bushels per acre, which matches the government's 2024 estimate, but above the Wheat Quality Council tour's five-year average of 44.6 bushels per acre.
Related Articles
September Global Central Bank Divergence: How Will U.S. Stocks and Forex Markets Move?
TradingKey - Despite the divergence in monetary policies among major global central banks in September (with the Federal Reserve cutting rates while the European Central Bank, Bank of England, and Bank of Japan maintain steady rates), we expect the policy directions of the Fed, ECB, and BoE to...
Duolingo (DUOL): Can the Green Bird Fly High Again
TradingKey - Duolingo is a great business, despite the stock price being down nearly 50% from its peak less than four months ago. However, the question is whether it’s worth buying it at a market cap of $12.5 billion. The answer is “not yet” because the traffic, even though healthy...
U.S. September Rate Decision Preview: What It Means for Bitcoin and Could It Spark a New Rally?
Bitcoin’s rally stalls ahead of the Fed meeting — has the bullish momentum already been priced in?
UK July GDP Commentary: Can GBP Break Through Its Current Fluctuation?
After considering multiple factors, given the evident weakness on both sides of this currency pair, we expect the GBP/USD exchange rate to maintain its current fluctuation trend in the short term.
Fed to Cut Rates: All Asset Prices Up!
TradingKey - The Federal Reserve is almost certain to restart its interest rate cut cycle on 17 September this year. After in-depth research, we have concluded that cryptocurrencies, the broader U.S. stock market, and short-term U.S. Treasury bonds will all go up.
