Wheat Markets Steady to 2 Higher This Morning
BRUG - Wed Jun 12, 7:27AM CDT

Wheat futures are steady to 2 1/2 cents higher this morning, with Chicago the bull leader and MPLS spring wheat trailing. They ended the Tuesday session with most MPLS contracts firm to 3 cents higher, and winter wheat contracts up 3 to 10 1/2 cents led by CBT. Strength in corn was supportive, as the KC wheat-corn spread has narrowed to 29 3/4 cents. The CBT-KC wheat spread is now at a huge 60 1/2 cent premium to SRW. 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 2019 US wheat production number at 1.903 billion bushels. Lower carryover and a 50 mbu jump in feed and residual caused 2019/20 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.

--provided by Brugler Marketing & Management

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