Wheat Market 5 to 9 Lower on Russian Competition
BRUG - Tue Jun 11, 7:28AM CDT

Wheat futures are mostly 5 to 9 cents lower this morning. KC HRW is the weakest despite a slow harvest pace, due several factors including Russia’s reported decision to extend zero export taxes for two full years. Wheat saw 1 to 4 cent gains in most winter wheat contracts, with MPLS within a penny on either side of UNCH in the front months. Monday’s Crop Progress report showed that 83% of the US winter wheat crop was headed on June 9, 8% behind normal. Harvest was 4% complete, shy of estimates and the 10% average. Winter wheat condition ratings were UNCH at 64% good/ex, and 367 on the Brugler500 index. Spring wheat progress was 97% planted, with 85% emerged (vs, 93% avg). Spring wheat was rated 81% good/excellent, down 2% from last week, with the Brugler500 index @ 388. Weekly Export Inspections data showed 464,779 MMT of US wheat shipped in the week of June 6. That was down 21.62% from the previous week but 10.77% larger than the same week in 2018. Egypt’s GASC is tendering for wheat for Mid-July delivery with results due later today.

--provided by Brugler Marketing & Management

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