Wheat 3 to 6 Cents Higher in All Three US Markets

Wheat futures are 3 to 6 cents higher this morning in all three markets. They ended Tuesday down 5 to 9 cents in the KC and MPLS contracts, with CBT SRW 2 cents higher in nearby Sept. The nearby CBT-KC spread widened to 88 1/2 cents. On Monday, USDA added 25 mbu to the new crop export projection at 975 mbu, as well as a 20 mbu increase to feed and residual. Those were not enough to offset the jump in production as ending stocks were up 14 mbu. USDA also cut the average farm price by 20 cents to $5.00. Despite the downward revisions, USDA is still expecting world wheat production to be 768 MMT this year vs. 730 MMT last year. Ukraine was emphasized in some USDA commentary, up 4 MMT from last month. Argentina’s peso slipped 15% against the US dollar on Monday and was weaker again on Tuesday. --provided by Brugler Marketing & Management

Market Commentary provided by:

Brugler Marketing & Management LLC
1908 N. 203rd St.Omaha, NE 68022
Phone: 402-697-3623
Fax: 402-289-2353
E-mail: alanb@bruglermktg.com
Web: http://bruglermarketing.com

Did you know Brugler Marketing & Management has more to offer to you than just this free daily commentary?! Producers just like you rely on our custom research and daily guidance on when and how to market their commodities. Click here to learn more about what we have to offer, or call 402-697-3623. Do it today!

Do you want to know what trades Alan Brugler recommends? Subscribe to Ag Market Professional, and become part of the Brugler client group! Not sure? Ask for a FREE SAMPLE and get two FREE GIFTS! Start here

Want this Ag News delivered to your inbox? Get the FREE Brugler Ag Newsletter, delivered 3 times daily.