Wheat Markets Lower As Planting Wraps Up

Wheat futures are 3 to 7 cents lower this morning, with MPLS spring wheat the firmest and Chicago SRW the weakest. They were mixed on Friday, with Chicago 2 1/2 to 5 1/2 cents lower and MPLS 1 3/4 lower to 3 3/4 higher. KC HRW was down 4 3/4 to 6 1/2 cents. The nearby CBT-KC spread closed at the largest CBT premium on record at 55 1/2 cents. The US ag attaché raised the unofficial Russian production number from 77 MMT to 79 MMT. That is still below some of the private estimates. The Commitment of Traders report showed the funds further trimming their short position in Chicago, taking it down 10,432 in the week ending June 4 to -13,348. The Bloomberg survey shows traders expecting a USDA all wheat production number of 1.889 billion bushels tomorrow, down 8 million from May, with winter wheat down 13 mbu at 1.255 billion.

--provided by Brugler Marketing & Management

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