Wheat See Slight Gains on Wednesday

Wheat futures settled the Wednesday session with most contracts steady to 3 cents higher, ignoring soon to expire July MPLS. 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 closed at $5.04 3/4, up 2 cents,

SEP 19 KCBT Wheat closed at $4.41 1/2, up 2 1/4 cents,

SEP 19 MGEX Wheat closed at $5.28 3/4, up 2 1/4 cents

--provided by Brugler Marketing & Management

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