Wheat Lower at Midday

Wheat futures were 1 1/2 to 8 1/4 cents lower on Tuesday, with KC HRW holding up the best. Harvest progress in KS was 61% complete, with OK (95%) and TX (92%) nearing completion. Final winter wheat condition ratings were shown at 368 on the Brugler500 index, which is the highest final rating since 1999. Spring wheat conditions improved 3% to 78% gd/ex or 383 (+5) on the Brugler500. Prior to the release of the WASDE on Thursday traders are expecting USDA to cut 34 mbu from the 19/20 US wheat carryout estimate to 1.038 bbu. Old crop stocks will also be trimmed to match the June 28 number. Egypt’s GASC purchased 240,000 MT of Ukrainian (60,000 MT) and Romanian (180,000 MT) wheat for mid-August Delivery in Tuesday’s tender.

JUL 19 CBOT Wheat closed at $5.09 3/4, down 7 cents,

JUL 19 KCBT Wheat closed at $4.40 1/2, down 1 1/2 cents,

JUL 19 MGEX Wheat closed at $5.26 3/4, down 6 1/2 cents,

--provided by Brugler Marketing & Management




Market Commentary provided by:

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