Wheat futures are mostly 24 1/2 to 28 cents lower in the Sept contracts at midday. The soon to expire July contracts are illiquid and not included in the above ranges. Thursday morning’s Export sales report showed sales for 17/18 of 357,702 MT, on the lower side of expectations. Total sales were 12.6% larger than last year but 4.7% behind last week. US 2017/18 wheat ending stocks increased yesterday, caused by lower usage and exports. The average US farm price for 17/18 was raised a huge 50 cents per bushel to a range of $4.40-$5.20. This is the spring wheat influence. In their weekly tender, Japan purchased 62,900 MT of US wheat, with the other 30,865 MT coming from Australia. The EU wheat crop is estimated at 140.7 MMT by analysts from Strategie Grains, down 0.9MM from their previous report as hot and dry weather persists.

Sep 17 CBOT Wheat is at $5.12 1/2, down 24 1/2 cents,

Sep 17 KCBT Wheat is at $5.17 1/2, down 26 1/2 cents,

Sep 17 MGEX Wheat is at $7.54 3/4, down 28 cents

Market Commentary provided by:

Brugler Marketing & Management LLC
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