Brugler Marketing and Management, LLC - BRUG - Tue Jul 10, 11:59AM CDT

Wheat futures are posting losses of 17 to 19 cents in the winter wheat contracts on Tuesday, with MPLS down 8-10 cents. NASS reported the winter wheat harvest 92% complete in KS, with OK 99% harvested and TX at 86%. Progress in NE is lagging normal at 25%, with CO at 45%. The spring wheat crop was seen ahead of normal pace for heading in each of the 6 states except SD. Conditions for the spring wheat crop were down in ID and WA, with MT leading the rest, 18 points higher. The average trade estimate for the July Crop Production report is for all wheat production at 1.86 bbu, 33 mbu larger than June’s projection. Most of that increase is expected from Spring wheat production on the larger acreage number, as all winter is seen as steady. Japan is seeking 62,865 MT of US and Australian wheat in their weekly MOA tender, with 28,530 MT US specific. Egypt’s GASC purchased 175,000 MT of Russian when in their most recent tender on Tuesday.

Sep 18 CBOT Wheat is at $4.89 1/2, down 18 1/2 cents,

Sep 18 KCBT Wheat is at $4.87 3/4, down 18 1/4 cents,

Sep 18 MGEX Wheat is at $5.38, down 10 cents

Market Commentary provided by:

Brugler Marketing & Management LLC
1908 N. 203rd St.Omaha, NE 68022
Phone: 402-697-3623
Fax: 402-289-2353
E-mail: alanb@bruglermktg.com
Web: http://bruglermarketing.com

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