Wheat prices are rebounding after a downturn, with Chicago SRW futures showing initial gains on Wednesday following a decline on Tuesday. Chicago SRW futures dropped 11 cents to $5.37¾, while KC HRW futures and MPLS spring wheat also fell by 3 to 7 cents. Open interest decreased by almost 15,000 contracts across the board on Tuesday.
According to Tuesday’s Export Inspections report, the U.S. shipped 375,402 metric tons of wheat during the week of February 12, marking a 35.34% drop from the previous week but a 49.66% increase compared to the same week last year. Japan was the largest importer, receiving 170,930 metric tons, while total U.S. wheat shipments since June are at 17.704 million metric tons, which is still 18.91% lower than the same period last year.
Additionally, SovEcon has revised Russia’s wheat crop estimate to 85.9 million metric tons, an increase of 2.1 million metric tons from earlier projections. EU soft wheat exports have reached 15.11 million metric tons from July 1 to February 15, up 1.46 million metric tons compared to the same timeframe last year.
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