Wheat futures are mostly higher at midday, as the July contracts are showing no volume ahead of this afternoon’s expiration. MPLS is the strongest, up 10 to 17 cents higher, with KC and CHI showing fractional gains. In July’s WASDE report, the USDA lowered their export projection 25 mbu to 975 mbu. Total commitments are now 33% of that, matching the average pace. Argentina’s wheat harvest is 79.1% complete, according to the BAGE. They also lowered their planting acreage number to 13.34 million acres, from 13.59 million acres.

Sep 17 CBOT Wheat is at $5.12 1/2, up 3/4 cent,

Sep 17 KCBT Wheat is at $5.15 3/4, up 1/4 cent,

Sep 17 MGEX Wheat is at $7.66 1/2, up 17 cents

Market Commentary provided by:

Brugler Marketing & Management LLC
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