Wheat Higher in the Winter Wheat Contracts
BRUG - Tue Jun 11, 12:19PM CDT

Wheat futures are showing 3 to 10 cent gains in most winter wheat contracts on Tuesday with MPLS down fractionally to 7 cents. The monthly S&D update from USDA showed old crop wheat ending stocks for US down 25 mbu to 1.102 bbu, on an increase to exports. USDA also added 6 mbu to the US wheat production number at 1.903 bbu, mainly from an addition to winter wheat. Lower carryover and a 50 mbu jump in feed and residual caused 19/20 carryout to drop 69 mbu to 1.072 bbu. On the world side, USDA raised old crop carryout by 1.59 to 276.57 MMT, as projected Russian exports were cut 1 MMT. New crop world stocks were up 1.33 MMT to 294.34 MMT. Monday’s Crop Progress report showed that winter wheat harvest was 4% complete, shy of the 10% average. Condition ratings were UNCH at 64% good/ex, and 367 on the Brugler500 index. Spring wheat was rated 81% good/excellent, down 2% from last week, with the Brugler500 index @ 388. Egypt’s GASC purchased a total of 120,000 MT of wheat in their tender, with 60,000 MT purchased from each Romania and Russia. There were no US offers as US FOB prices are not currently competitive.

Jul 19 CBOT Wheat is at $5.17 1/2, up 10 cents,

Jul 19 KCBT Wheat is at $4.57 3/4, up 4 3/4 cents,

Jul 19 MGEX Wheat is at $5.67 3/4, down 3/4 cent

--provided by Brugler Marketing & Management

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