Wheat is trading with double digit losses on Friday morning. The wheat complex faced some pressure on Thursday after rallying to fresh multi year highs overnight. Chicago SRW contracts were down 8 ½ to 13 cents at the close. Open interest was up 8,051 contracts. KC HRW futures slipped late, with contracts down 3 to 10 ¼ cents. OI rose 5,096 contracts. MPLS spring wheat was up ½ to 1 cent in the front months was back months down 2 to 5 cents
Export Sales data from FAS was out on Thursday showing just 290,016 MT of wheat sales for the week of 7/13. That was up 23.36% from last week but still less than half the same week last year. Mexico was the lead buyer of 137,600 MT, with 98,200 MT sold to Taiwan.
