Brugler Marketing and Management, LLC - BRUG - Thu Jul 12, 12:05PM CDT

Wheat futures are showing gains in most contracts at midday, with CBT leading the way. This morning’s NASS Crop Production report indicated that all wheat production is projected at 1.881 bbu, up 53 mbu. As expected the majority of the jump was from spring wheat, at 613.97 mbu. All winter wheat production was down 6 at 1.192 mbu, with HRW up 7 mbu, SRW down 12 mbu and white steady at 232 mbu. New crop US stocks were shown at 985 mbu, on par with estimates, and a 39 mbu jump from the previous estimate. World ending stocks were shown at 273.5 MMT for old crop, while new crop was down 5.28 to 260.88 MMT. A reduction to European countries helped, as Russia is now at 67 MMT and the EU down 5.4 to 145 MMT. Strategie Grains cut their EU production estimate 7.5 MMT to 132.4 MMT. All wheat export sales for 18/19 in the week that ended July 5 were just 136,408 MT, short of analysts’ expectations. That is slow for this time of year and down 73.7% from a year ago. Japan purchased 28,560 MT of US wheat in their weekly tender, with the other 34,335 MT sourced from Australia. Saudi Arabia is seeking 595,000 MT of wheat, with the tender to close on Friday.

Sep 18 CBOT Wheat is at $4.82 1/2, up 10 3/4 cents,

Sep 18 KCBT Wheat is at $4.80 1/2, up 6 1/2 cents,

Sep 18 MGEX Wheat is at $5.29, up 3 1/2 cents

Market Commentary provided by:

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E-mail: alanb@bruglermktg.com
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