Wheat Showing Gains on Wednesday

Wheat futures are steady to 5 cents higher in most contracts at midday. All wheat export bookings for the week that ended on July 4 are estimated at 250,000-550,000 MT, ahead of Thursday’s Export Sales report. The USDA Ag Attaché in Australia pegs the 19/20 wheat crop at 21.5 MMT, vs. the official USDA estimate of 22.5 MMT from June. Any changes to that official number would come via tomorrow’s WASDE. Analysts expect to see a ~1.86 MMT drop in the 19/20 world carryout projection to 292.48 MMT. A total of 80,000 MT of US wheat was purchased by two South Korean importers on Wednesday.

SEP 19 CBOT Wheat is at $5.06 1/4, up 3 1/2 cents,

SEP 19 KCBT Wheat is at $4.41, up 1 3/4 cents,

SEP 19 MGEX Wheat is at $5.31, up 4 1/2 cents

--provided by Brugler Marketing & Management




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