Wheat Gains Persist

Domestic wheat markets are trying for another double digit gaining day, with SRW leading the way. Chicago wheat futures are 8 1/2 to 13 1/2 cents higher so far. HRW wheat is up by 5 to 6 1/2 cents. MPLS wheat is trailing with gains of 3 to 4 cents. There were 26 more deliveries against HRW futures, month to date deliveries are at 238 contracts. SRW futures had 84 deliveries yesterday, for an accumulated total of 675 against July. Black Sea wheat futures traded the highest price since June 4 on concerns about poor yields in early harvested Russian fields. USDA’s weekly Export Sales report showed 326,140 MT of wheat sales, that is down 22% wk/wk but 15% above the same week last year. SRW wheat was the top seller with 46% of the total. Accumulated SRW commitments are 29% behind last year’s pace through the first 5 weeks of the MY. The weekly update also showed the 75,000 MT of 2021/22 SRW bookings were canceled. Traders estimate USDA will increase 19/20 world ending stocks 1.5 MMT to 297.3 MMT on Friday.

Sep 20 CBOT Wheat is at $5.28 1/2, up 12 cents,

Sep 20 KCBT Wheat is at $4.63 1/4, up 6 1/2 cents,

Sep 20 MGEX Wheat is at $5.27 1/4, up 4 cents,

--- provided by Brugler Marketing & Management

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