Wheat Markets All Down, From 1 to 8 Cents

Wheat futures are anywhere from 1 to 8 cents lower this morning, with MPLS the firmest. They ended the Monday session with most contracts steady to 4 cents lower. The 6-10 day outlook shows below normal precip chances and above normal temps for most of the Plains. That’s wheat harvesting weather. HRW producers have been pleased with the yields overall. NASS showed the winter wheat harvest 47% completed, 14% behind normal, with the final condition ratings of the year at 64% gd/ex or 368 on the Brugler500. Spring wheat was shown at 56% headed (73% avg), with conditions improving 3% to 78% gd/ex or 383 (+5) on the Brugler500. All wheat exports were tallied at 609,456 MT during the week of 7/4 in the Export Inspections report. Russian wheat production forecasts were trimmed by SovEcon (to 76.6 MMT) and 0.8 MMT by IKAR ( to 78.5 MMT). USDA’s was 78 MMT in June. Egypt’s GASC is tendering for wheat with mid-August Delivery, with results expected later today.

--provided by Brugler Marketing & Management

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