Wheat
Brugler Marketing and Management, LLC - BRUG - Thu Jul 12, 7:15AM CDT

Wheat futures are mostly 2 to 3 cents higher this morning in the Chicago and KC contracts. MPLS spring wheat is fractionally lower. They ended Wednesday with most winter wheat contracts down 19 to 23 cents and with MPLS down 8 to 12 cents. Spillover selling pressure came from corn and soybeans. A sharply higher US dollar also weighed on the market. Analysts are expecting 18/19 US wheat export sales to be in the range of 200,000-500,000 MT in this morning’s Export Sales report. Old crop world ending stocks are estimated at 272.2 MMT, down slightly from the previous report. USDA’s new crop is seen at 265.05 MMT, which would be down 1.11 MMT from June. A cut in Russian production is expected.




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