Commodities
Wheat Prices Slump on Disappointing Export Sales and Rainfall
The wheat market saw declines on Thursday, with Chicago SRW futures losing between 1.5 to 5.25 cents at close. Kansas City HRW futures also fell by 4 to 6.5 cents. Minneapolis spring wheat dropped by 8 to 9 cents.
According to the USDA's Export Sales report, wheat sales for the week of September 17 were 267,553 metric tons, which is below traders' expectations of between 350,000 and 600,000 metric tons. This represents a 50.44% decrease compared to the same period last year.
The largest buyers of US wheat in this latest report were Mexico, Japan, and Vietnam, with sales totals of 113,400 MT, 87,600 MT, and 60,000 MT, respectively.