Wheat futures are .up as much as 10 cents in MPLS spring wheat, with reports of widespread baling /abandonment. The other markets are lower. Wheat export inspections for last week were reported at 578,672 MT, a 7.95 % increase over last week and 29.57% above last year. Taiwan is seeking 105,150 MT of US wheat, with Wednesday the deadline for the tender. In CBT wheat futures and options, spec traders added 26,682 contracts to their CFTC net long position, taking it to +44,685 contracts ahead of the USDA reports. Managed money added 18,185 contracts to their net long position in KC wheat futures and options. Their net long position was at 73,111 contracts last Tuesday. The Australian wheat crop is expected by analysts in country to be well below the USDA projection of 23.5 MMT. Reports are showing that the major growing regions of the country are experiencing less than half the typical rainfall totals.

Sep 17 CBOT Wheat is at $5.07 1/4, down 3 1/2 cents,

Sep 17 KCBT Wheat is at $5.07 1/2, down 6 cents,

Sep 17 MGEX Wheat is at $7.68 1/4, up 10 1/4 cents

Market Commentary provided by:

Brugler Marketing & Management LLC
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