Wheat Still Feeling Pressure from Corn
BRUG - Tue Aug 13, 12:29PM CDT

Wheat futures are down 3 to 7 1/2 cents in the KC and MPLS contracts at midday, with CBT firm to 2 1/4 cents higher. On Monday, USDA added 25 mbu to the new crop export projection at 975 mbu, as well as a 20 mbu increase to feed and residual. Those were not enough to offset the jump in production as ending stocks were up 14 mbu. USDA also cut the average farm price by 20 cents to $5.00. The WAOB also cut projected Russian production another 1.2 MMT from July to 73 MMT. Following Monday’s closing bell, weekly Crop Progress data showed the US winter wheat harvest at 89% complete (96% avg), with spring wheat just 8% harvested (30% avg). Spring wheat conditions slipped 3% to 69% gd/ex, with the Brugler500 down 6 to 372. The Dakota both saw a drop of 7 points.

SEP 19 CBOT Wheat is at $4.72 1/2, up 3/4 cent,

SEP 19 KCBT Wheat is at $3.84 3/4, down 7 1/2 cents,

SEP 19 MGEX Wheat is at $5.05 1/2, down 3 3/4 cents

--provided by Brugler Marketing & Management

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