Wheat struggled last week as traders positioned themselves ahead of the U.S. Department of Agriculture’s August crop production report. Improving fundamentals added pressure. For the week ending Aug. 14, September Minneapolis lost 13 cents, September Chicago dropped 12 cents and September Kansas City gave back 21 cents.
Pea harvest is under way in the south, but not yet general. Few samples have made it to processors, but there doesn’t appear to be any reason to think quality will be an issue. Trade is just getting under way.
Wheat traded with good strength last week, ending with solid gains. For the week ending Aug. 8, September Minneapolis gained 18.5 cents, September Chicago was up 27.25 cents and September Kansas City gained 13.5 cents.
Senior agricultural experts from all 28 European Union countries will hold an emergency meeting next Thursday to analyze the impact of a Russian ban on EU food imports, the European Commission said on Friday.
Global food prices hit a six-month low in July, led mainly by sharp declines in grains, oilseeds and dairy, which balanced out rising meat and firm sugar prices, the United Nations food agency said on Thursday.
Moscow imposed a total ban on imports of many Western foods on Thursday in retaliation against sanctions over Ukraine, a stronger-than-expected measure that isolates Russian consumers from world trade to a degree unseen since Soviet days.
Dmitry Zhdannikov and Natalia Zinets
August 07, 2014
As of the July 31 close, September Minneapolis was down 11.75 cents, September Chicago was 7.75 cents lower, and September Kansas City lost 5.5 cents. Wheat futures were trading 7 to 13 cents higher the morning of Aug. 1.
The U.S. Department of Agriculture has already projected that U.S. soymeal exports will hit a record 10.7 million metric tons (11.8 million tons) this year, but they could well top even that lofty forecast if domestic feed users switch from pricey meal to relatively cheap distillers’ grains (DDG) and free up more meal supplies for the export market.
Wheat traded with losses for three out of four sessions last week. For the week ending July 24, September Minneapolis dropped 10.5 cents, September Chicago was off 3.5 cents and September Kansas City slipped 13.25 cents.
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