Wheat Mixed at Wednesday’s Close
BRUG - Wed Jun 12, 5:24PM CDT

Wheat futures settled with 3 to 10 1/2 cent gains in most winter wheat contracts on Wednesday, with MPLS steady to 5 cents lower. SRW keeps extending their premium to HRW, now at 63 1/2 cents as rains in the ECB are causing further issues with an already below normal condition SRW crop. Forecasts for the eastern half of the Southern Plains show heavy rainfall totals, also supporting the HRW market. The trade range of estimates for the final day of the MY for old crop at net reductions of 50,000 to sales of 50,000 MT. For new crop sales in the first week of the MY, expectations are 250,000-450,000 MT. The USDA left their old crop US cash average prices UNCH @ $5.20 yesterday, with new crop up 40 cents from last month to $5.10. For the world numbers WOAB raised Russian new crop production by 1 to 78 MMT, with domestic use and exports also up 1 MMT. Ukraine’s production estimate was also up 1 to 30 MMT.

Jul 19 CBOT Wheat closed at $5.26 1/4, up 8 1/4 cents,

Jul 19 KCBT Wheat closed at $4.62 3/4, up 5 1/4 cents,

Jul 19 MGEX Wheat closed at $5.64 3/4, down 4 3/4 cents

--provided by Brugler Marketing & Management

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