The wheat complex turned from the midday gains, as contracts were lower across most contracts to round out the week. CBT soft red wheat futures were fractionally to 2 cents in the red at the close, with December down 15 cents. KC HRW futures were up 2 cents in thin September, but down 1 to 2 across most other contracts, as December was 14 ½ cents lower this week. MPLS spring wheat saw 4 to 5 cent losses on the day, as Dec fell 14 cents since last Friday.
USDA’s Export Sales report from Friday morning showed a total of just 312,978 MT of wheat sold in the week of August 28, below estimates and the second lowest for the marketing year. The largest buyer of US wheat during that week was Nigeria at 117,100 MT (most of which was switched from unknown destinations) with Mexico purchasing 90,400 MT, in the Philippines at 65,800 MT. US FOB prices had been competitive on the world market have recently become closer to some major competition via the French and Russian FOB prices.
