Wheat Lower at Midday

Wheat futures are steady to 10 cents lower in most contracts on Tuesday. As winter wheat harvest moves north, HRW producers have been pleased with the yields overall. Harvest progress in KS was 61% complete, with OK (95%) and TX (92%) nearing completion. Final condition ratings were shown at 368 on the Brugler500 index, which is the highest final rating since 1999. Spring wheat was conditions improving 3% to 78% gd/ex or 383 (+5) on the Brugler500. Prior to the release of the WASDE on Thursday traders are expecting USDA to cut 34 mbu from the 19/20 US wheat carryout estimate to 1.038 bbu. Egypt’s GASC purchased 240,000 MT of Ukrainian (60,000 MT) and Romanian (180,000 MT) wheat for mid-August Delivery in Tuesday’s tender.

JUL 19 CBOT Wheat is at $5.08 1/2, down 8 1/4 cents,

JUL 19 KCBT Wheat is at $4.41, down 1 cent,

JUL 19 MGEX Wheat is at $5.33 1/4, unch,

--provided by Brugler Marketing & Management

Market Commentary provided by:

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