The U.S. government noted on Thursday that export sales fell to 387,877 metric tons for week ended January 24 after having checked in at 647,545 tons one week prior. The Agriculture Department indicated exports since June 1 of last year have dropped 11 percent from one year prior. Also impacting the grain’s performance on Friday are uprisings in Egypt, the world’s top importer of wheat.
“We’re going to have to see demand pretty soon because it’s already February, and we only have a third of the marketing year left,” market adviser Lawrence Kane with Stewart-Peterson Group in Illinois told the news source. “We’ve been talking about demand for a long time, but it seems like everybody likes to sell it for $10 a ton cheaper than us, so the competition is still out there.”
At 3 p.m. on Friday, wheat futures fell 1.86 percent, a 0.145 cent fall to $7.65 per bushel.
The National Agriculture Statistics Service of South Dakota said winter wheat prices are down 35 cents from January, Keloland reports.
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