AgriCharts Market Commentary

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Wheat Markets 1 to 3 Cents Higher This Morning

Wheat futures are 1 to 3 cents higher this morning, with Chicago and KC futures a little firmer than the MPLS spring wheat. Shorts are taking some of their winnings off the table ahead of the weekend. Wheat futures settled with 2 to 12 cent losses in most contracts on Thursday, as CBT was the weakest and MPLS the stoutest. Weakness in corn pressured the market, with the nearby KC wheat-corn spread at 8 1/4 cents. The weekly Export Sales report from FAS indicated export bookings were 347,290 MT. That was on the higher end of estimates and 15.75% larger than the same week last year. Mexico was the top buyer of 166,500 MT, with South Korea at 80,000 MT.

--provided by Brugler Marketing & Management

Wheat In the Red on Thursday

Wheat futures settled with 2 to 12 cent losses in most contracts, as CBT was the weakest and MPLS the firmest. Weakness in corn pressured the market, with the nearby KC wheat-corn spread at 8 1/4 cents. The weekly Export Sales report from FAS indicated all wheat export bookings during the week that ended on July 11 at 347,290 MT. That was on the higher end of estimates and 15.75% larger than the same week last year. Mexico was the top buyer of 166,500 MT, with South Korea at 80,000 MT. The US was left out of this week’s Japan MOA tender, with 51,821 MT split between Australia and Canada.

SEP 19 CBOT Wheat closed at $4.93 1/2, down 12 cents,

SEP 19 KCBT Wheat closed at $4.32 3/4, down 9 cents,

SEP 19 MGEX Wheat closed at $5.25 1/2, down 2 1/4 cents

--provided by Brugler Marketing & Management

Wheat in the Red at Midday

Wheat futures are down 1 to 10 3/4 cents in most contracts on Thursday, with CBT the weakest and MPLS the firmest. The weekly Export Sales report from FAS indicated all wheat export bookings during the week that ended on July 11 at 347,290 MT. That was on the higher end of estimates and 15.75% larger than the same week last year. Mexico was the top buyer of 166,500 MT, with South Korea at 80,000 MT. The US was left out of this week’s Japan MOA tender, with 51,821 MT split between Australia and Canada.

SEP 19 CBOT Wheat is at $4.95 1/4, down 10 1/4 cents,

SEP 19 KCBT Wheat is at $4.34 1/4, down 7 1/2 cents,

SEP 19 MGEX Wheat is at $5.26 1/2, down 1 1/4 cents

--provided by Brugler Marketing & Management

Wheat Lower in All Three US Markets, Spreads Contract

Wheat futures are 1 to 2 cents lower in the MPLS market, 4 to 5 lower in KC HRW and 6 to 7 lower in Chicago SRW this morning. They ended the Wednesday session with most contracts 2 to 5 cents in the red. Dry and warm weather is allowing for the winter wheat harvest to move north. All wheat export sales during the week that ended on July 11 are expected to be in the range of 200,000-400,000 MT. Egypt’s GASC purchased just 60,000 MT of Russian wheat in their tender on Wednesday, with no US origin offers. US FOB prices are ~$20/ton above other major competitors. The US does have opportunities in some markets due to freight or special baking qualities. --provided by Brugler Marketing & Management

Wheat Markets All Lower As Harvest Advances

Wheat futures ended the Wednesday session with most contracts 2 to 5 cents in the red. Dry and warm weather are allowing for the winter wheat harvest to move north. All wheat export sales during the week that ended on July 11 are expected to be in the range of 200,000-400,000 MT. Egypt’s GASC purchased just 60,000 MT of Russian wheat in their tender on Wednesday, with no US offers present. US FOB prices are ~$20/ton above other major competitors, leaving them out of most major markets unless there are specific quality specs or a freight advantage (i.e. close to the US).

SEP 19 CBOT Wheat closed at $5.05 1/2, down 2 cents,

SEP 19 KCBT Wheat closed at $4.41 3/4, down 4 1/2 cents,

SEP 19 MGEX Wheat closed at $5.27 3/4, down 2 1/2 cents

--provided by Brugler Marketing & Management


Market Commentary provided by:

Brugler Marketing & Management LLC
1908 N. 203rd St.Omaha, NE 68022
Phone: 402-697-3623
Fax: 402-289-2353
E-mail: alanb@bruglermktg.com
Web: http://bruglermarketing.com