Wheat Mostly Lower on Monday

Wheat futures are steady to 4 1/2 cents lower in most contacts at midday, with nearby KC up 7 1/4 cents on low volume. All wheat exports were tallied at 609,456 MT during the week of 7/4 in this morning’s Export Inspections report. That was down 12.56% from the week prior but 2.27 times larger than the same week in 2018. MY to date inspections are 48.12% larger than in the first 5 weeks of the 18/19 MY. Trade estimates are looking for winter wheat harvest to be near 50% in this afternoon’s Crop Progress report. Spring wheat conditions are seen rising ~1-2% from last week. Russian wheat production forecasts were trimmed 3.4 MMT by SovEcon to 76.6 MMT and 0.8 MMT by IKAR to 78.5 MMT. That is compared to USDA’s 78 MMT in June, with another update coming on Thursday.

JUL 19 CBOT Wheat is at $5.14 3/4, down 4 1/2 cents,

JUL 19 KCBT Wheat is at $4.46 1/4, up 7 1/4 cents,

JUL 19 MGEX Wheat is at $5.33 1/2, down 3/4 cent

--provided by Brugler Marketing & Management

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