Wheat Markets Trading to the Plus Side

Wheat futures are up 1/2 to 3 1/4 cents per bushel this morning, with SRW the strongest and spring wheat in MPLS lagging. They settled with most nearby HRW and HRS contracts within a penny of unch, as CBT SRW was up 3 to 4 1/4 cents in the front months on Wednesday. For the USDA weekly Export Sales report, analysts expect to see a range of 250,000-500,000 MT during the week that ended August 1. A Reuters survey shows 999 mbu expected for 19/20 US ending stocks ahead of Monday’s WASDE report, nearly UNCH from the 1 bbu in July. Japan is seeking 114,783 MT of wheat in their weekly MOA tender, including 54,625 MT US origin. Results are expected later today.

--provided by Brugler Marketing & Management

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