Wheat futures closed the day sharply lower, as KC and CBT flirted with limit losses. Thursday morning’s Export sales report for 17/18 was 357,702 MT, on the lower side of expectations. Total sales were 12.6% larger than last year but 4.7% behind last week. The USDA also reported 475,310 MT of wheat was exported during the week of July 6, 39.3% above last year. In their weekly tender, Japan purchased 62,900 MT of US wheat, with the other 30,865 MT coming from Australia. The EU wheat crop is estimated at 140.7 MMT by analysts from Strategie Grains, down 0.9MM from their previous report as hot and dry weather persists.

Sep 17 CBOT Wheat closed at $5.11 3/4, down 25 1/4 cents,

Sep 17 KCBT Wheat closed at $5.15 1/2, down 28 1/2 cents,

Sep 17 MGEX Wheat closed at $7.49 1/2, down 33 1/4 cents

Market Commentary provided by:

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