Wheat Falls Despite Strong Export Demand as Corn and Soybeans Rise
Global wheat futures closed lower on August 6, despite steady export demand. September CBOT soft red winter wheat fell 1.7% to $231.94/t, while hard red winter wheat in Kansas City and spring wheat in Minneapolis also posted notable declines.
In contrast, corn and soybean futures ended the session modestly higher. U.S. wheat export sales for the week ended July 30 totaled 296.4 thousand tons, with significant purchases from several countries including the Philippines (87.8 thousand tons), Mexico (68.7 thousand tons), Vietnam (62 thousand tons), and South Korea (36.8 thousand tons).
Supportive fundamentals were provided by Algeria’s latest import tender, where state grain agency OAIC purchased between 540 and 720 thousand tons of wheat for September, October shipment at $289-290/t C&F.