Wheat Down on Larger Production and Losses in Corn
BRUG - Mon Aug 12, 12:28PM CDT

Wheat futures are trading 22 to 29 cents lower in most winter wheat contracts on Monday, with MPLS 5 to 12 cents in the red. USDA data updated this morning showed all wheat production at 1.980 bbu, up 59 mbu from July. That increase came from a mix of all winter wheat (up 35.4 mbu) at 1.326 bbu and spring wheat (up 21.3 mbu) at 596.66 mbu. Winter wheat yield was raised 1.4 bpa to 53.2 bpa. New crop US wheat carryout was up 14 mbu to 1.014 bbu. World wheat ending stocks for new crop were down 1.06 MMT to 285.4. According to FSA data, producers enrolled in 2.209 million acres of prevent plant. Weekly wheat shipments totaled 688,978 MT in the week that ended on August 8. That was 65.55% larger than the previous week and 41.36% above this week in 2018. A Taiwan tender for 94,950 MT of US wheat will close this Wednesday. Private Russian wheat production estimates from IKAR were trimmed by 0.5 to 75.5 MMT, vs. USDA (down another 1.2 from July) at 73 MMT.

SEP 19 CBOT Wheat is at $4.71 3/4, down 27 3/4 cents,

SEP 19 KCBT Wheat is at $3.89 1/4, down 27 3/4 cents,

SEP 19 MGEX Wheat is at $5.08, down 11 3/4 cents

--provided by Brugler Marketing & Management

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