Wheat
Brugler Marketing and Management, LLC - BRUG - Thu Jul 12, 4:59PM CDT

Wheat futures saw gains in most contracts on Thursday, with CBT leading the way up 9 to 12 3/4. KC was mostly 6 to 7 1/4 cents higher and MPLS up 4-5 cents. 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 and SRW down 12 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.

Jul 18 CBOT Wheat closed at $4.82 1/2, up 12 3/4 cents,

Jul 18 KCBT Wheat closed at $4.70 1/4, up 7 1/4 cents,

Jul 18 MGEX Wheat closed at $5.23 3/4, up 4 cents




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