Wheat 3 to 6 Cents Higher in All Three US Markets
BRUG - Wed Aug 14, 7:29AM CDT

Wheat futures are 3 to 6 cents higher this morning in all three markets. They ended Tuesday down 5 to 9 cents in the KC and MPLS contracts, with CBT SRW 2 cents higher in nearby Sept. The nearby CBT-KC spread widened to 88 1/2 cents. 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. Despite the downward revisions, USDA is still expecting world wheat production to be 768 MMT this year vs. 730 MMT last year. Ukraine was emphasized in some USDA commentary, up 4 MMT from last month. Argentina’s peso slipped 15% against the US dollar on Monday and was weaker again on Tuesday. --provided by Brugler Marketing & Management




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