Wheat Market Mixed Heading into Friday Morning

The three U.S. wheat markets were mostly higher on Thursday, and are trading 2 cents either side of UNCH this morning. KC HRW is the weakest. SRW wheat was up the most yesterday with gains of 7 1/4 to 8 3/4 cents in the front months. HRW wheat was UNCH in July and Sept, but the deferred contracts were fractionally higher. HRS wheat futures closed the day with 1 1/2 to 2 3/4 cent gains. Traders estimate USDA will increase 19/20 world ending stocks 1.5 MMT to 297.3 MMT later this morning. U.S. ending stocks for 2020/21 are estimated at 950.2 mbu, that would be up 25 mbu from June if realized. Traders also anticipate USDA to show a 33.3 mbu cut to wheat production. That comes from a 10 mbu cut to HRW and a 14 mbu cut to spring wheat production. USDA’s weekly Export Sales report showed 326,140 MT of wheat sales, down 22% wk/wk but 15% above the same week last year. SRW wheat was the top seller with 46% of the total. --- provided by Brugler Marketing & Management

Market Commentary provided by:

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