Wheat Market Shows Little Direction

Wheat futures are wandering around this morning. Chicago SRW is mostly 1 to 2 cents higher, but KC HRW is fractionally lower. MPLS spring wheat is UNCH to up 1 cent per bushel. Wheat closed down 1/2 cents in the nearby HRS contract and up 3/4 cents in KC HRW on Thursday. SRW continued to widen its premium to HRW, up 10 1/4 cents in the September contracts. USDA Export Sales data showed US exporters booked 487,672 MT of 19/20 wheat during the week ending August 1. That was 27% higher than last week and 53% higher than the same week in 2018. China purchased 60,000 MT, their first wheat purchase this MY. Again, this was before the moratorium announcement and may or may not be shipped. Japan purchased 54,625 MT of US wheat in their weekly tender.

--provided by Brugler Marketing & Management

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