US wheat ended lower despite expanding drought in the US Plains, further downgrades to Argentine crop prospects
No sign of any let up to the rain in Australia and renewed doubts over the Black Sea export corridor.
Argentine crop ratings hit new lows with production lowered to 15 mmt.
Australia futures hit a new weekly high close as persistent rain brought more logistics, quality and yield problems.
Matif was the market’s worst performer this week amidst mixed corridor reports and falling Russian values.
Outlook long term world wheat crop prospects are increasingly questionable but the export corridor and currencies which will keep near term markets volatile.
Mpls wheat -7
KC wheat -7
Chic wheat -9
Matif wheat -3
Soybean oil +25