The wheat complicated was beneath strain on Tuesday. Chicago SRW futures had been down 5 to six cents within the entrance months. Kansas Metropolis HRW contracts closed 8 to 9 cents within the purple on the day. MPLS spring wheat was 3 to five cents decrease on the shut.
In contemporary rounds of negotiations making an attempt to achieve a ceasefire, Russia and Ukraine have each agreed to make sure protected navigation within the Black Sea, just like the earlier Black Sea Grain Initiative, and to ban assaults on vitality services.
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SovEcon trimmed their 2024/25 Russian wheat export projection by 1.5 MMT to 40.7 MMT. In addition they elevated their 2025/26 export forecast by 0.2 to 39.1 MMT. EU mushy wheat export since July 1 have totaled 15.46 MMT, vs. the 23.75 MMT in the identical interval final yr in response to European Fee information.
Japan is tendering for 119,847 MT of wheat of their weekly ministry of ag tender, due on Thursday and 59,751 MT US particular.
Might 25 CBOT Wheat closed at $5.43 1/4, down 5 cents,
Jul 25 CBOT Wheat closed at $5.59 3/4, down 5 1/2 cents,
Might 25 KCBT Wheat closed at $5.69 1/4, down 8 3/4 cents,
Jul 25 KCBT Wheat closed at $5.84 3/4, down 8 1/4 cents,
Might 25 MGEX Wheat closed at $5.88 1/2, down 3 3/4 cents,
Jul 25 MGEX Wheat closed at $6.05, down 4 1/4 cents,
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Reference :
https://www.nasdaq.com/articles/wheat-extends-weakness-black-sea-pressure