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Markets

US wheat futures drop to multi-year lows on big supplies

CHICAGO: US wheat futures sank to multiyear lows on Friday under pressure from hefty supplies and bigger-than-expected d

Aug 30 2019

CHICAGO: US wheat futures sank to multiyear lows on Friday under pressure from hefty supplies and bigger-than-expected deliveries against September contracts, traders said.

* Chicago Board of Trade September soft red winter wheat slid 18-1/2 cents to $4.51-1/4 a bushel. CBOT December wheat  dropped 10-1/4 cents to $4.62-1/2 a bushel.

* Both contracts touched their lowest prices since mid May.

* K.C. December hard red winter wheat ended down 4-1/4 cents at $3.97-1/4 a bushel and set a contract low of $3.93-3/4.

* Nearby K.C. wheat dropped to its lowest price since September 2016.

* MGEX December spring wheat dropped 4-3/4 cents to close at $4.96-3/4 and set a contract low of $4.96-1/4.

* The front-month MGEX contract reached a 10-year low.

* The CBOT reported 440 deliveries against CBOT September WU9 wheat and 1,000 K.C. September KWU9 wheat deliveries, defying trade expectations for minimal deliveries. The MGEX reported 666 September spring wheat MWEU9 deliveries.

* Burdensome supplies weighed on spring wheat futures as the harvest is advancing. Stronger demand is needed to consume the large crop, traders said.

Copyright Reuters, 2019